FTSE 100 halted but DAX and S&P 500 push higher
While the overall recovery in indices continues, the FTSE 100 has found itself stuck below resistance. By contrast, the DAX and S&P 500 look stronger.
FTSE 100 stuck below recent highs
The FTSE 100 has rallied over the previous two sessions; however, it is still unable to break above the 7540 peak that has held twice over the past three weeks.
This zone was a lower high on 29 January, and the price hit the level once again in the first week of February. A close above 7540 is needed to open the way to new upside, but bulls can take comfort from the fact that the pattern of higher lows remains intact. A move back below 7420 would begin to create a more negative short-term view.
DAX clears resistance
The DAX has finally succeeded in breaking above 13,600, putting it back in record territory.
Pullbacks towards 13,430 may find support, while below this the price heads towards 13,325 and 13,208.
S&P 500 pushes on to new records
The S&P 500 created a new higher high yesterday as the rebound continued, confirming the strength of the trend.
Further gains take the price deeper into new highs territory. The bullish view remains in place unless the price goes back below the 50-day simple moving average (SMA) at 3247.
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