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FTSE lifted by RBS
Having fought its way above the 50-daily moving average yesterday, the FTSE is doing its best to add to gains, lifted by strong and unexpected figures from RBS.
The first target is to overcome the 6827 high from yesterday, clearing the way for an eventual test of 6880 once again. The daily relative strength indes is indicating definite upward momentum, reinforced by the MACD.
Only a close back below 6800 would endanger this scenario, and that again would merely revive the impression that another test of the 200-DMA is in order.
DAX progress slows
The move higher in the DAX has begun to run out of steam, but with the RSI on the cusp of moving above 50 there is still reason to think further gains are likely.
Now we require a breach of the 50-DMA to be sure about the strength of the move, although on the basis of recent action, even getting above the 20-DMA may be something of a trial.
A drop back through the 100-DMA would cancel out much of the upside potential, possibly setting this index up for the first push in the direction of the all-important 200-DMA since April.
Dow eyes 17,200
The level 17,100 is becoming something of a barrier for the Dow Jones, at least for the time being, but the rising 20-DMA continues to indicate that the index is still minded to go higher.
On an hourly chart the 200-period MA has been lost and the intraday RSI has begun to weaken, which may well point to a very lacklustre finish to the week.
Ultimately however I remain of the view that 17,200 is still the likely target for this market, even with another push in the direction of 16,900.