Levels to watch: FTSE 100, DAX and S&P 500
Indices continue to move higher, buoyed by trade talk hopes.
FTSE 100 back to February highs
The FTSE 100 has returned to the highs seen a month ago at 7260.
From here the next major area of possible resistance would be around 7470, with a retest of trendline resistance from the all-time high. Further gains would target 7560. Intraday, we have seen a steady move higher over the past few days, but a pullback that holds above 7200 would likely constitute a buying opportunity.
DAX back at 11,700 resistance
A steady climb since 8 March has seen the DAX return to the 11,700 area that marked the peak at the beginning of the month.
From here, the 200-day simple moving average (SMA) at 11,753 comes into play, and then on to 11,880 and then 12,102. A move below 11,540 would imperil the uptrend line from the December low.
S&P 500 moves above crucial resistance
Last week’s gains mean that the S&P 500 is now back above the 2815 highs of late 2018.
From here the only levels to watch are 2866 and then the all-time highs at 2940. Short-term pullbacks may find support and the bullish view persists unless we see a move below 2800 in the short term, and below 2720 on a longer-term view.
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