FTSE 100, DAX and S&P 500 attempt to stage a recovery
The week has seen indices stall after the strong run at the beginning of June. At present, the rallies are not under threat, but further bullish momentum needs to develop soon.
FTSE 100 edges off recent highs
Upward progress of the FTSE 100 has stalled over the past two days, but with the index now looking to build on gains above 7380, the next target to watch, on the upside is 7530 and the mid-April high.
A move back below the 50-day simple moving average (SMA) of 7346 might suggest some near-term weakness, targeting 7200. Intraday, the price may be creating a higher low, finding support around 7360.
DAX attempts to stage early rebound
The DAX rally remains intact here, despite a drop from yesterday’s highs.
The price is continuing to find support at the 50-day SMA (12,093), and if this holds a rebound above 12,200 may result, and from here 12,320 and then 12,400 come into play. A daily close below 11,900 is needed to revive the more bearish view.
S&P 500 stalls after recent rally
So far this week the price of the S&P 500 has been stuck below 2900, although the uptrend is, for the moment, ‘just resting’ rather than being at an end.
The 2870 area has acted as support; a daily close beneath this would begin to suggest a more bearish near-term outlook, while if the price can move above 2910 the buyers will be back in charge. It is usually prudent to assume the current short-term trend will continue until proven otherwise.
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