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FTSE 100 stuck below resistance, but DAX and S&P 500 gain ground

Risk appetite has recovered on strong news out of the US-China talks, but a strong pound has held the FTSE 100 back.

FTSE 100 left out of global rally

While other indices rally strongly, a stronger pound has held back the FTSE 100. Over the past week rallies above 7200 have run out of momentum, so this is the level that needs clearing to provide the path for further upside.

Meanwhile, dips towards 7100 have been buying opportunities, or at least have found support. But a firmly bullish view requires a move through 7230 to suggest that the range-bound period is over.

DAX surges, retaking lost ground

Bullish momentum has recovered for the DAX, with the past two days seeing strong gains, helping the index to recover most of the ground lost at the beginning of the month.

Further gains target 12,400 and 12,500, and even a sharp pullback towards 12,090 would still leave the sequence of higher lows intact.

S&P 500 attempts to break October high

It has been a see-saw month so far, and while the S&P 500 has managed to rally from the 2880 lows, it now needs to break through the 2960 level that has marked the peak for bullish momentum. Above 2960, 3020 comes into play.


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