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S&P 500 still bullish
An all-time high of 1890 in the S&P 500 yesterday saw a break out of the one-month range which was capped at 1883.8. This has helped the bullish sentiment somewhat, which is interesting due to the macro heavy calendar towards the end of this week. This includes the European Central Bank rate decision tomorrow and of course the all-important, much hyped non-farm payrolls number on Friday.
Judging by the daily chart we still have bullish momentum, and a test of the upper band of the channel in situ from June is not out of the question; even if it means puncturing the 1900 level. A close above 1888 would be the ideal scenario if this is to unfold, and there is support coming from 1883.8.
FTSE struggling to break higher
The trendline resistance on the one-hour chart is preventing the FTSE from breaking any higher than the 6666 level. However, price action remains above the 50-, 100- and 200-period moving averages. The 50-hour MA is helping to support bids, keeping us in a 30-point range.
We are currently testing the 50- and 100-day moving averages, so a close above here would likely see the 6680 level tackled in the near term. A move from this point puts us on a trajectory towards 6800.
The daily relative strength index is not overbought and is above the 50-point range, which would indicate a building of momentum.
DAX testing resistance
We are above the 9600 level on the DAX and are testing the downtrend resistance from the January highs once again. We haven’t witnessed a daily close through 9700 since the beginning of the year. A close through 9650 would see 9697 as the next initial target.
The 10-day daily RSI is starting to flatten; we’re not overbought just yet, but we could see a pullback in the near-term to 9600. Should that fail then 9540 should provide support. Some bearish divergence on the four-hour chart indicates some consolidation unless we can break through the 9640 level.
Dow may see profit-taking
We finally saw a close above the 16,470 level which, coupled with the fact that we’re not seeing any overbought signals, should act as support assuming any pullbacks to 16,550 fail to hold.
We are now seeing the top end of the current short-term bullish channel being tested around 16,570. The RSI on the one-hour chart has pulled back from elevated levels so we may see an element of profit-taking today.
Any rises through the 16,570 level will be interesting to observe as we might see all-time highs of the Dow Jones tested.