FTSE 100, DAX and S&P 500 all continue to move higher
Indices have moved lower overnight, but for now the ongoing rallies are still intact.
FTSE 100’s uptrend intact despite weakness
The FTSE 100 has dropped back from its one-month high of yesterday, but for now the trend remains intact. A higher low above 5600 would provide a fresh buying opportunity, targeting 5940 and higher.
A move below 5600 would suggest a more bearish view, although we would need to see a lower high to provide a potential entry point.
DAX drops back but uptrend continues
The smooth move higher continues for the DAX, although we have seen some weakness overnight. However, the uptrend only really ends with a move back below 10,200, which might bring 10,000 and then 9400 into view in the short term.
If the overnight drop is another higher low, and thus a possible buying opportunity, we look for a move back to 10,800 and higher, heading towards 11,100.
S&P 500 edges back from key zone
The S&P 500 has rallied back to the area around 2900 that marks a key point for any further gains. This is the area that acted as support briefly in late February, and then saw the market gap through it in early March.
If it can close this gap with a move above 2900 and through the 50-day simple moving averge (SMA) at 2880, then further bullish momentum may develop. In the short term, the 2730-2750 area may provide support, with a drop below this beginning to move the outlook to a more neutral stance.
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