FTSE 100 tries to rebound, while DAX and S&P 500 continue their rallies
The DAX and S&P 500 are firmly in rally mode, pushing up in early trading. The FTSE 100 meanwhile is still looking for strong bullish momentum.
FTSE 100 looks to play catch-up
Friday saw the FTSE 100 resume its move higher, after stabilising above the 50-day simple moving average (SMA) on Thursday.
Gains carried it back to the 7340 zone that marked the high earlier in October. A move above this opens the way to 7450 and above this on to 7556. Trendline support from the October low would suggest a move below 7260 is needed to indicate a more sustained pullback.
DAX back above 13,000
A fresh 17-month high today confirms the strength of the current rally for the DAX.
The next target is 13,180, being the highs from April and May 2018, and from here the 13,600 high from January 2018 finally comes back into play. Intraday support is possible around 12,800, then 12,700 and 12,600.
S&P 500 starts the week with a new record
The S&P 500 has recorded a new record high in early trading, emboldened by the recent jobs report, trade talk optimism and the usual strong fourth quarter seasonality.
Last week saw a dip towards 3025 find buyers, and intraday pullbacks more generally continue to discover buying pressure. For now, the bulls are firmly in control, although the smooth march higher is not likely to last all the way to the end of December.
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