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A fresh YouGov poll has restored confidence to battered UK indices, with the FTSE 100 trading above the 6800 level once again after yesterday’s brief dip.
However, all eyes are on the Fed’s meeting in the week to come, after a period in which the possibility of higher US rates has sent the US dollar surging and stymied any prospect of the equity market rally continuing in the short-term.
FTSE could target 6780
Yesterday’s dip through 6800 saw the buyers step in once more, so this area is still doing a good job of providing support. A close below here would target the 6785 area, around the 100-day moving average. On the upside, the market must manage a close above 6830 and then 6850 to be in with a chance of continuing its upward move towards 6880.
In the short-term the 50-hour moving average around 6825 should hold back progress, with a drop on the downside targeting 6780.
DAX finds support at 100-DMA
The DAX’s steady retreat from 9800 continues, but the 100-day moving average is holding up as support for the time being. Any break to the upside must clear 9735, while a close back above 9800 still targets 10,000. The downside scenario would be opened up by a drop through 9660, and could then lead to a test of the 200-day moving average around 9550.
Dow could test all-time high
The 17,030 level is short-term support for the Dow Jones at present, with further support likely around 17,000. A declining daily relative strength index does signal that the rally has yet to return in force, but so long as the Dow continues to sit about 17,000 it is likely that the all-time high around 17,154 will be tested.
This 150-point range is clearly seen on the hourly chart, with further support available around 16,975. Below this the index would target 16,880.