Levels to watch: FTSE, DAX and S&P 500

The rally goes on, although with a long weekend looming hesitancy may start to creep in. 

Data
Source: Bloomberg

FTSE

Steady consolidation has gone on overnight, and now we look to see whether the new trend can push on. The next upside target will be the late April high just above 6400, and a close above here would mark the beginning of more gains, perhaps towards 6500 and then 6674.

Dips may continue to be bought, although for the moment a real pullback has yet to materialise for the FTSE 100.

DAX

The next targets here at 10,500, the April high, and then the downtrend line off the all-time high from last year, which would come into play around 10,650.

Until the DAX breaches this then any rally is just a countertrend move. Nonetheless, buyers do appear to have the upper hand, a trend that is unlikely to reverse unless we drop back below 10,000 and head back to the month lows around 9734.

S&P 500

Having added to gains yesterday, the index now looks poised to head towards the April high above 2100, which would also bring it into contact with downward sloping resistance from this index's own all-time high.

A daily close above 2120, which would put the price back above the downtrend and also above the high from early November last year, would signal that the bull market may be about to come to life once more. 

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