FTSE 100, DAX and S&P 500 sitting at two-week highs
Indices have had a strong week, and have made impressive gains, though caution persists ahead of today’s payrolls reading.
FTSE 100 in bullish short-term form
The rally off the 7300 continued on Thursday, with impressive gains for the index that have resulted in a move back through 7400. This now leaves the index on the cusp of a bullish MACD crossover, and could now see the price on course to test the 200-day SMA, and then on to 7700. A reversal back below 7320 would negate this view.
DAX at two-week high
The index made big gains for a second consecutive day, and with a fresh bullish MACD crossover the buyers appear to be firmly in charge. The next stop is trendline resistance from the August record high, and then on the declining 50-day SMA, which the index has not challenged since early September. A failure to break trendline resistance might dent the bullish view, though a close below 15,000 would be needed to give a firmer bearish outlook. This would then put the lows of October back into view.
S&P 500 in strong form ahead of non-farm payrolls
The index has recouped a significant amount of the losses suffered in October, and like the Dax is now barrelling towards trendline resistance and then the 50-day SMA. Beyond these lies the 4392 peak from early October, and a close above here would solidify the bullish view. A reversal back below the 200-day SMA would signal that the sellers have reasserted control and that a move back towards 4100 could be underway.
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