FTSE 100, DAX and S&P 500 all moving into rally mode
Indices continue to make solid gains, helped by more good news surrounding trade wars.
FTSE 100 pushes higher
The powerful move higher continues in the FTSE 100, as the index clears the 7405 high from 18 November and targets 7440.
Previous attempts to clear this level have run out of steam, but a daily close above this level targets 7560 and 7650. The price has been able to rally through the 50, 100 and 200-hour simple moving average (SMA) and thus intraday pullbacks towards these SMAs could provide further buying opportunities.
DAX back to top of range
The DAX rally has been a touch weaker, but having rallied back towards 13,300 the price now needs to clear 13,365 to break through the 19 November high.
If this brings the consolidation period to an end, then a fresh move higher towards 13,600 seems likely.
S&P 500 hits new peak
It was yet another record day for the S&P 500, which hit an all-time high and then pushed on towards 3145. Overnight the price has eased back but remains solidly in its uptrend.
Last week witnessed a test of the rising 200-hour SMA at 3112, which resolved into another push higher, providing further bullish evidence. So far, we have yet to see meaningful signs of a pullback, even of short duration, with the moving averages continuing to rise on the hourly chart and the price generally holding above them.
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