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Abysmal trade volumes on the FTSE may be the ticket to sending this market higher – whether or not that will be a sustainable move is questionable, given that any moves in the market should have the associated confirmation from the volume.
The revised US gross domestic product for Q1 is expected to also decline quite substantially – whether the markets take this as bullish, in that quantitative easing will remain in situ or start to trade on the historical fundamentals, will likely add up to a degree of volatility today.
15 May highs remain key barrier to FTSE
For now, that 6830 level on the FTSE is holding nicely and as per yesterday’s comments, the 6886 level remains the upside target with the 15 May highs the key barrier to any test of that 6900 level.
Again, should the support fail, we will likely see the index fall back to 6800 with the old faithful level of 6770-5 coming in beneath.
Dow eyes 16,708
The Dow Jones tapped out at the 16,708 level yesterday so it’s the level that we will need to watch today if the market is to retest the recent highs of 16,738.
The 16,615-20 region is the intraday support with 16,600-5 beneath that. Trapped between the 50- and 100-hour moving averages, the current consolidation will need to make a push through 16,670 to get back to yesterday’s highs.
Below 16,600 the 200-hour MA should come in to play if the market starts to sell off.
DAX supported by 9900
The Duitsland 30 failed to breach the 10,000 mark yesterday and there is an 8% chance of that happening today, down from yesterday’s 22%.
Decent support came in at 9900 yesterday so consolidation is the likely scenario now with the index buffeting between 9900 and 9960. While below the 50-hour MA, there is a propensity for a move back towards 9878 if the 9900 fails to offer the same support again.