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FTSE remains rangebound
The see-saw battle between 7000 and 7100 continues, and so until we have a resolution one way or the other there are few compelling reasons to take much of an interest. Bulls can take some small comfort from the fact that the index continues to hover in the top end of this range, but this is of little help. We continue to watch and wait for a breakout from the current range.
DAX eyes close above 12,000
The problem for the DAX is that the descending trendline off the all-time highs is still making life difficult with regards to any upside breakout. However, both the daily relative strength index (RSI) and stochastics have moved higher, so while we are seeing some skittishness the bulls might arguably have control.
The price sits just above the 14-day exponential moving average (EMA) at 11,970, and adventurous bulls continue to step in around the 50-period EMA on the four-hour chart (11,955). The bounce off the 50-day moving average (11,779) remains intact, but the index must close above 12,000 to confirm that there is more to come here.
Dow slipping towards 17,973
Once again 18,100 was too much for the Dow Jones and the index is falling towards the 50-day simple moving average (SMA) (17,973) once again. Bulls should be troubled by the downturn in the Russell 2000, which often points the way for the larger indices.
A failure to hold support at the 50-day SMA would signal another probe of the 100-day SMA at 17,824, while the rising trendline off the April lows looks unsteady at present. A close above 18,100 would signal that the bulls have regained control and open the way for another run at all-time highs.