FTSE 100, DAX and S&P 500 keep climbing

It has been a good week for indices, with the US in particular continuing its dizzying ascent.

FTSE 100 hits new four-month high

The FTSE 100 has eked out some more gains this week, maintaining the upward bias seen since the beginning of the month.

Compared to last week, of course, the rise has been small fry, but the price has continued to hold above the 50-hour simple moving average (SMA) at 7555, with 7600 and 7644 the next targets to watch on the upside. A drop below 7500 signals some near-term weakness, with 7440 the next possible area of support.

DAX rebounds from 13,150

The DAX has spent most of the week easing back from the 18-month high seen on Monday, but yesterday saw a small bounce from 13,150 that might signal a near-term low has been created.

Gains above the 50-hour SMA (13,219) have proven impossible to sustain, so a move through this would be a good first step to target 13,450 once more.

S&P 500 climbs above 3200 for the first time

It was yet another record high for the S&P 500 yesterday, which has recovered in impressive fashion from the early December weakness, and seems unaffected by the impeachment proceedings in Washington.

A dip to 3190 earlier in the week found support, and so far there is no sign of any lower highs or lower lows that might indicate that a change in trend is at hand.

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