FTSE 100 falters, but DAX and S&P 500 continue to rally

While most indices continue to rally, the FTSE 100 has been left out of the general bullish move, remaining below resistance. However, other European markets and US indices continue to move higher.

FTSE 100 left out of the rally

Unlike other indices, the FTSE 100 failed to push substantially higher yesterday, held back by international stocks and ex-dividend names.

The price remains below 7300, and is at risk of rolling over, having tested and failed to break the top end of its August range. Further declines could push the price towards 7000 once more. A rebound above 7300, and ideally above 7360, would be needed to provide a more solidly bullish view.

DAX uptrend still in play

The DAX’s solid move higher continues here, with the price pushing above the 50- and 100-day simple moving averages (SMAs) yesterday.

The main upside targets are 12,200 and 12,600. Dips towards 12,000 may provide buying opportunities.

S&P 500 surges through resistance

The S&P 500 delivered the coup de grâce to the August trading range yesterday, leaping through 2940 and the 50-day SMA at 2945. The all-time high at 3030 is the next target.

Previous resistance at 2940 may become possible support if the price undergoes an intraday retracement in today’s or Monday’s session.

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