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Levels to watch: FTSE, DAX and Dow

FOMC minutes send global markets spiking higher providing a continuation of the bullish trend seen throughout this week.

A man's face behind a data board
Source: Bloomberg

FTSE breaks higher

Yesterday saw 6228 support hold, with the price bouncing higher out of the recent consolidation. The FTSE looks set to spend the day in the green, with trendline support now providing yet another move higher through 6330. The bullish trend of the week therefore seems likely to persist, with resistance levels at 6356 and 6376. Support levels of 6330, 6300 and the ascending trendline remain key for any pullback.

FTSE 100 chart

DAX hits three-month high

The DAX has rallied sharply overnight following the FOMC minutes, with the index hitting a new three-month high. Given the current move above 11,058, any pullback would likely find support on that level once more. The bullish trend is therefore expected and with very few major levels of resistance, the only level currently in focus is 11,166. However, given the size of the overnight rally, there is a good chance that we will see another retracement lower before pushing higher again. At which point 11,058 and 11,000 are the two main support levels.

DAX chart

Dow punches higher

The Dow Jones has been rising sharply overnight, with the price breaking through 17,763 resistance this morning. Ultimately while we are clearly within an uptrend, there is a clear possibility of a short-term retracement, given that we are so extended on both MACD and stochastic indicators. Any such retracement would look towards 17,763 and 17,686 as the near-term support levels. As this uptrend continues, we approach the major peak of 17,978, with nearer-term resistance levels at 17,844 and 17,924. 

Dow Jones chart

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