FTSE 100, DAX and S&P 500 mixed in early trading
Indices are looking to resume their move higher, although some signs of weakness are appearing.
FTSE 100 still firmly in uptrend
The FTSE 100 has continued to rally, hitting a new higher high early yesterday at 6500, before dropping back towards 6320.
Further declines may bring trendline support into view around 6275, or alternatively longer-term support from the March low, closer to 6200. As noted previously, the index has yet to create a lower high and lower low, so for now the bulls still have the upper hand. A fresh rebound targets 6500, and from there the 200-day simple moving average (SMA) at 6823 comes into view.
DAX edges back down
For the DAX, we may finally have the makings of a lower high, as the rebound from yesterday’s lows eases off below 12,750 and the 50-hour SMA.
Further declines below 12,500 would reinforce a short-term bearish case, targeting 12,300 in the first instance. This slightly more negative view would arguably be cancelled out with a rally through 12,760, which would suggest another push towards 12,960 and higher.
S&P 500 looks for new direction
The S&P 500 has drifted sideways for the past three sessions, holding in a tight range around 3200.
This leaves the uptrend intact, but a short-term drop towards 3150 would bring trendline support into play. Alternatively, a renewed push higher now that the index has cleared 3200 will target the February record high at 3393.
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