Levels to watch: FTSE, DAX and Dow

The US continues to lead the way, with new all-time highs hit on a daily basis. However, Europe is replicating some of these gains, with bullish moves for the FTSE and DAX.

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Source: Bloomberg

FTSE attempting to break key resistance

The FTSE climbed back towards the 7300 mark overnight, with the index needing to break through that major near-term resistance for another leg higher to come into play. This current hour has seen price selling off sharply, only to regain some of that ground.

Ultimately, an hourly close above 7300 would provide a bullish breakout signal. Until that happens, there is a chance we could continue to range, as highlighted by the wedge breakdown, in momentum (stochastic). 

DAX breakout in play

The DAX has broken higher once more overnight, with the index pushing through the notable 11,813 level. The pullback and support seen here serves to strengthen the bullish sentiment.

Unless we see a break back below 11,749, then further gains appear likely. Watch out for 11,893 as a major resistance level to the upside.

Dow continues to climb

The Dow Jones is showing little signs of letting up, with the index seemingly hitting new highs on a daily basis. We have seen no signs to say this should come to an end right now.

As such, a bullish outlook remains in place, unless we see a break back below 20,383. Until then, retracements are perceived as buying opportunities.

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