FTSE 100 testing 7400
The broad move higher in risk assets continues, with the FTSE 100 now testing the water around 7400. A push back above the 50-day simple moving average (SMA) at 7424 would also see it take out the post-June descending trendline. Above this the levels to watch are 7448, 7553 and then 7600.
Given the strength of support at 7300, bears will need to work hard to push this market lower, with a daily close below the 200-day SMA at 7282 needed to radically alter the outlook.