FTSE 100, DAX and S&P 500 all looking for further gains

Indices start the new week in strong form, with the DAX and S&P 500 in particular enjoying good gains over the past few sessions.

FTSE 100 pauses after strong week

Early trading has seen the FTSE 100 drop back from the 7340 area, the high from Thursday and Friday last week, but the overall move higher remains intact.

A move through 7340 and above the 100-day simple moving average (SMA) at 7331 would open the way to the September peak at 7440. Friday saw a dip to 7280 before a recovery began. If this holds then a bounce back to 7340 may begin. Below 7280 the price will head to 7240.

DAX stalls at resistance

Having rallied sharply over the month so far, the DAX remains in bullish form.

In the short term, we have seen a drop back from 12,954, but this may well resolve into a buying opportunity. A move below 12,600 is needed to suggest that the immediate move higher has run its course. Above 12,954, the price heads to 13,205, and then on to 13,601.

S&P 500 solidifies hold above 3000

The S&P 500 uptrend continues to gather strength, although the index has yet to make a firm push above 3030.

Such a move would put it back to new all-time highs and suggest further gains to come. Dips last week found support at 2980 and 3000, so these may be near-term support zones.


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