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FTSE supported by 6770
The London index is now on course for the major May/June resistance level at 6880, the ‘line in the sand’ that has marked the upper boundary of progress in recent months. Bulls will be uncomfortably aware that any upward move will have to get past this level if it is to be sustained.
If we do breach 6880 then a run to 6934, the all-time high, becomes a possibility, although it is likely that the FTSE will move into overbought territory before then.
Nonetheless, the current move signals an upward bias, with 6770 once again coming into play as support.
DAX close to June highs
The DAX is much closer to its June high, and the main goal now is to manage another close above 10,000.
On an hourly chart, the 50-period moving average is now poised to move above the 200-period MA, a strong short-term bullish sign, with 9918 acting as support on the downside.
The one-month trend on a daily chart dominates the picture, and provides the rationale for further gains and fresh all-time highs.
Dow eyes 17,000
The post-Fed bounce signals that 17,000 is once again in play for this index, once the June high of 16,940 is cleared.
An hourly chart shows we are currently sitting in a range of 16,725 – 16,915, with the price currently towards the top end. With both the 50-hour and 100-hour moving averages moving higher it does seem to indicate further gains lie ahead.