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FTSE stuck between 6720 and 6880
Over-eager bears who may have piled into the FTSE 100 last week during its temporary slump will be feeling a little nervous this morning, as the index starts to consolidate above Friday’s highs near 6760.
If the FTSE can clear 6770 then a further accumulation of longs could begin in tentative form, with a close above the 50-day moving average accelerating this process.
Still, it’s hard not to maintain the impression that the FTSE is now stuck between 6720 and 6880, and only a close above the quarter’s highs would open a move back to 6934.
DAX buyers return
It wasn’t a great week for the Germany 30, which struggled to maintain upward momentum. However, a drop toward the 50-DMA saw buyers come back in, and we are now looking at filling the gap from the middle of May.
A close back above 9880 would at least signal a new attempt to move back in the direction of 10,000, while 9800 should act as a strong ‘line in the sand’ for this index.
Dow keen to move higher
The Dow Jones' uptrend has faltered but two successive closes above 16,800 still signals that the buyers have the edge over the sellers.
A close above 16,875 would be the real catalyst for another attempt to break 17,000, assuming that the June highs of 16,950 can be broken. We have seen the development of a new trendline running from the May low that may act as short-term support, but while the price remains above the 50-DMA then this is a market that still seems keen to move higher.
Only a drop below 16,700 would suggest the start of a more extended period of weakness, and a test of the 100-DMA.