FTSE 100, DAX and S&P 500 continue their ascent
Indices have shrugged off their weakness overnight, resuming their overall push higher.
FTSE 100 aims to resume upward move
The FTSE 100 has recovered from overnight weakness, pushing back towards Tuesday’s high.
Above here the next major target is 6203, the high from the end of April. This would bring the index back to the crucial area of the March gap down, and if 6200 is breached then 6400 comes into view. A reversal below 5900 would revive the view that a deeper near-term pullback is at hand.
DAX rally goes on
For the DAX, the steady ascent from the lows of late May continues, with no sign that it is poised to slow down.
Having closed the March gap down and moved above the 100-day simple moving average (SMA) at 11,530, the index continues to maintain the positive outlook, targeting 12,120, the 200-day SMA. Bears will need to see a reversal below 11,000 to provide an indication that some weakness is at hand.
S&P 500 pushes on after overnight weakness
Overnight weakness has been shrugged off, with the S&P 500 now heading towards 3130.
The continued slow grind higher comes despite expectations of some more near-term weakness, but this is unlikely to develop unless we see a reversal below 2900, which may bring 2800 into view and the support zone round 2780.
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