FTSE 100, DAX and S&P 500 resume their move higher
Indices tread water yesterday after Monday’s gains, but early price action points towards a resumption of this move higher.
FTSE 100 moves upwards after pause
Having rallied sharply on Monday, breaking through short-term trendline resistance, the FTSE 100 then calmed on Tuesday, consolidating around 6200 after a push to 6300 that created a new higher high.
Further gains may see this level broken, which would bring 6400 and then 6500 into view. The rebound from Monday’s low reasserted the bullish view here, which remains in place unless we see a drop below 6100 that might suggest a move back to 5950.
DAX pushes on from Tuesday’s consolidation
The DAX, too, spent Tuesday moving in a tight range after the bounce seen on Monday. Resistance was 12,400 yesterday, and if this is broken then 12,760 and 12,964 come into view.
A reversal below 11,800 is needed to suggest that the move down of last week has been revived.
S&P 500 starts to move higher again
While yesterday did not see much movement on the part of the S&P 500 after its initial push to 3160, overnight losses have been contained above 3100. Above 3160, last week’s highs at 3240 come back into view.
Alternatively, a drop below 3070 would increase the chances of another test of 3000 and 2940.
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