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Record highs were seen for the USA500 on Friday, and the Dow Jones finally returned to the 18,000 level. However, with the ceasefire in Ukraine looking shaky and another meeting on the future of Greece, most investors will probably look to sit out the session and await developments.
FTSE targets 6900
‘Hurry up and wait’ seems to be the FTSE’s mantra at present. Weeks of bouncing around the zone between 6700 and 6900 have left us with very little in terms of concrete gains.
As was the case last week, the 6900 zone on the top is the first target to breach, while 6800 continues to be defended by the bulls. The 20-day moving average is also providing support, having come to the rescue of the index towards the end of last week.
DAX eyes close above 11,000
The DAX failed to manage a weekly close above 11,000 last week, but still ended the week close to its highs. The index has held on stubbornly to its gains for 2015.
The 10,600 level is still the major support zone on the downside, with the 50-DMA now rising sharply, helping to fill the broad expanse of thin air below this level. All eyes are now on the 11,000 level and a close above this on a daily basis.
More upside expected for Dow
IG continues to provide open markets for US indices, albeit with slightly different times for the day. US index futures will close at 6pm (London time), reopening at 11.30pm.
A close above 18,000 clears the final real hurdle before the December high above 18,100. With the index yet to hit overbought levels there is still more upside to come it seems, and further upward pressure is likely as the 20-DMA crosses over the 50-DMA and brings out additional buyers.
Support is likely around 17,890, followed on by the 50-DMA at 17,660. A breakout above the December high seems to be the ultimate destination here, absent a worsening of the Greek or Ukrainian situations.