FTSE 100 at one-year high and DAX rallies, while S&P 500 keeps struggling
European indices have outpaced their US counterparts in recent days, as the S&P 500 continues to find it hard to keep rallying.
Yesterday’s push opened the door to fresh post-pandemic highs and puts the buyers firmly back on top. Expectations of a potential turn lower back towards 7200 and further down have been cancelled out, with the index now targeting 7500 and 7650 to the upside.
Thursday saw the index recoup lost ground and make a new record high, and with this now achieved bullish momentum will likely carry the price to fresh highs. There is still no sign of a pullback, and with the index at a new higher high even a drop back towards 15,800 would still be more of a potential buying opportunity.
By contrast a small retracement continues here, with the index unable to rally back to previous highs as yet. Declines continue to target 4550 as an initial area of support. A recovery back above 4675 could easily see the buyers take control once again.
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