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FTSE looks for 20-DMA
Although suffering from the 6750 level this morning, there is reason to suggest the FTSE 100's bounce yesterday signaled the end of the lurch lower.
For the moment, the market looks towards a close above the 20-daily moving average for further confirmation that the move upwards is back on. Without a close below 6700, the default scenario remains bullish at least in the short term.
On an hourly chart we have seen the 50-hour cross above the 100-hour, and the last time this occurred a 100-point move developed in short order.
DAX recovers to 9700
The DAX's recovery of 9700 is a strong sign, even if the index is in modest retreat this morning.
A break above 9800 and then through the 50-DMA would confirm the move, with stochastics pointing in the direction of a possible turnaround.
On an hourly chart the declining relative strength index sends a signal that further weakness is still possible, but so long as 9700 holds we should see a steady recovery here.
Dow Jones hopes to maintain momentum
US indices remain seemingly impervious to selling, as yesterday’s bounce proved.
Time and again the buying opportunities have been presented with new highs following on, and so long as the Dow Jones can maintain this momentum, a new upside is to be expected.
Although operating in a narrow range, both moving average convergence/divergence and stochastics are pointing to a general upward move, although 17,075 could provide a short term stumbling block.