FTSE 100, DAX and S&P 500 all push higher
Indices have begun the week with gains, adding to the move higher that has been in place for over a month.
FTSE 100 builds on recent gains
The recovery from last week’s low continues, with the FTSE 100 now heading towards 5900 once again. This acted as resistance earlier in the month, and a move through here creates a new higher high.
Above this, the 50-day simple moving average (SMA) at 6002 comes into view, and then from there the zone around 6300, the gap down from early March, becomes the next upside target. A break of the rising trend and higher lows from 15 April requires a push back below 5710.
DAX looks to take out recent highs
Over the past three weeks losses for DAX have been contained at 10,200, with dips to this level finding support. Now the price is pushing back towards the recent highs at 10,800, and a move above this (and the 50-day SMA) would provide further confirmation of the bullish near-term view.
The next hurdle in any bigger move higher then becomes the 11,250 area, the gap down from early March. A move back below 10,200 is needed to tilt the outlook towards a more bearish view.
S&P 500 eyes a break above 2900
There has been a steady recovery here since last Tuesday’s low, and now the S&P 500 is targeting a move through 2900.
This would breach the previous higher high from earlier in April, and if it can clear 2980 then the index will also be back above the gap down from early March, a notable victory for the bulls. Bullish momentum remains firmly in place, as we have seen, and with 2730 having provided support over the past three weeks a more bearish view will first require a break below this level.
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