FTSE 100, DAX and S&P 500 all seeing rebounds

The gains of the week continue for indices, after an impressive recovery for US stocks yesterday.

FTSE 100 in rising short-term trend

We have continued to see strong gains for the FTSE 100, with a new higher high above 5800 yesterday.

The price found support around 5500 in early trading on Thursday, before bouncing. A higher low above 5500 would open the way to 5894 and then on to 6205.

DAX still needs to break 10,000

The DAX continues to hold on to the gains of the past few days, but gains above 10,000 have proven impossible to sustain.

Rallies to 10,140 have run out of steam, so the index needs to clear this to embark on a broader push higher. Meanwhile, 9515 and 9425 are near-term support.

S&P 500 continues to stage recovery

Thursday saw a dip to 2400 for the S&P 500, followed up by an impressive rebound that saw the price hit 2650, creating a new higher high.

So far momentum continues to fade, but if we see another higher low above 2450 further buying momentum may develop. This would target 2710, and then on to 2890.


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