FTSE 100, DAX and S&P 500 all move higher
Modest gains have been seen in early trading, following on from a rebound yesterday as markets begin to anticipate a more dovish move from the Fed.
FTSE 100 find support at 7485
Yesterday’s FTSE 100 weakness stalled at 7485, aligning with the low of last week.
Further gains would head towards 7600 and then on to 7640. If a durable low has been formed around 7485 then a foundation for further gains may exist. Below 7485, the price will head towards 7385.
DAX turns higher
DAX dipped below the 50-day simple moving average (SMA) yesterday, but then recovered. Further gains target 12,450, the highs from earlier in the week, and then on to 12,650.
Below the 50-day SMA, the price will head towards the rising 100-day SMA (12,045) and trendline support from the December low.
S&P 500 rallies once more
Rising trendline support from mid-June came into play yesterday, and the price of S&P 500 has continued its gains so far today.
The previous record at 3020 is the next target. A move below 2970 would target 2940.
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