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

It was a bullish start to the year, and, for now, this looks set to continue.

FTSE 100 clocks up new record

A new record for the FTSE 100 straight out of the gate this morning continues the breakout seen at the end of last week.

A near straight-line move higher since mid-December is arguably a continuation of the ‘Santa rally’, with a move back below 7620 needed to create a new lower low. The next area to watch for a fresh breakout is 7732.

DAX aims to keep on rallying

DAX surmounted the mid-December high of 13,352, moving above 13,400 in the early part of the session this morning.

Since the rally began last week, we have seen little in the way of a real pullback, so it will be interesting to see how long the early Monday weakness lasts. Further gains will target the all-time high of 13,533 seen in early November.

S&P 500 shows no sign of slowing

After a very bullish start to the year, the S&P 500 is aiming at new all-time highs ahead of earnings season, which begins on Friday.

The areas that provide potential support are 2700, 2671 and then the post-August rising trendline at 2660. 

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