FTSE 100, DAX and S&P 500 lifted by drug news

Indices have been supported by news of a possible drug success against coronavirus, which has helped improve the technical picture.

FTSE 100 falters at 5800

The FTSE 100 surged from the lows of the week, potentially reviving the more bullish view.

However, if the price is at risk of creating a lower high at 5800, which might be the cue the sellers are waiting for. If the price does drop back, bulls need to see the price either create a higher low above 5550 or at least hold the Wednesday low at 5530. Further gains from 5800 head towards 5950.

DAX recovery dispels potential bearishness

The DAX bounced from 10,200, and now the buyers need to push on above 10,800 to avoid the possibility of a lower high around 10,600.

A move above 10,800 targets the 50-day simple moving average (SMA) at 11,117, and then the gap down from the beginning of March, which lies around 11,250. If this is taken out then the view becomes more optimistic. The sellers will need to push this below 10,200 to provide a more bearish view.

S&P 500 uptrend goes on

While the FTSE 100 and DAX had been looking less bullish this week, the S&P 500 has stayed the course.

The previous two sessions saw the price hold 2765 as support and, with further gains overnight, we have a higher high that reinforces the uptrend from the March lows. So far, there is no sign of a sustained turn lower, with further dips still being buying opportunities.


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