Levels to watch: FTSE 100, DAX and S&P 500

The bullish start to 2018 continues to confound the pessimists, with solid gains for indices so far.

FTSE 100 moves on to fresh highs

Further gains yesterday put the FTSE 100 back within touching distance of new highs, and we are seeing those develop this morning.

The buyers continue to drive this higher, and only a move below 7620 would create the lower low needed to put a more bearish outlook on the index.

DAX surge refuses to stop

European indices continue their strength, with the DAX having gained around 4% since the lows of Tuesday. The mid-December high of 13,352 is the next level to watch.

There has been little in the way of retracements, and while a drop back below 13,211 could be a worrying sign for this rally, it may simply provide another chance for buyers to step in.

S&P 500 pushes to new record

Steady gains have been the order of the day for S&P 500, with barely a downward move for the year so far.

Instead, we will wait for a deeper retracement as a more attractive buying opportunity, with support at 2714 and then 2700 being likely. 

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