Levels to watch: FTSE 100, DAX and Dow
Stocks are on the rise following a dovish appearance from the Fed, with the FTSE 100, DAX and Dow all reaching crucial areas of resistance after recent gains.
FTSE 100 rallies back into crucial Fibonacci resistance
That 7002 level is going to be key in determining the outlook for the day, with a rally through it pointing towards a potential move into the crucial 7146 resistance level. Alternately, should it hold, that 7002 level could be the beginning of another move lower for the index.
DAX continues to trend higher
The DAX has once again found support to provide a new higher low on an intraday basis, with the index trading around the peaks seen over the past week.
The break below trendline support yesterday pointed towards a potential breakdown for the index, yet until we see a lower low, further upside remains a distinct possibility.
Dow pushes into Fibonacci and SMA resistance
The Dow Jones has been pushing higher over the start of 2019, with the price now trading around the 76.4% retracement and 200-day simple moving average (SMA).
The ability to push through this region of resistance is key to determining whether we push upwards from here. Ultimately we need to break through 26071 to move out of the wider bearish trend, yet a rally through this area of resistance certainly has bullish connotations for the short term.
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