European indices mixed after stellar week for the S&P 500
A quiet day lies ahead with US cash markets closed for Independence Day, but European indices are attempting to make headway nonetheless.
FTSE 100
Gains for the FTSE 100 over the past two weeks have stalled at 7150, while in the short-term higher lows and a rising 50-day simple moving average (SMA) at 7061 continue to provide support. Bulls will be looking for a break above 7160 in order to open the way to the June peak at 7200, while sellers will be hoping that they can hold the price below 7150 and then drive it back below 7040.
DAX
The past three weeks have seen a rising trendline prevent any major downside in this index, but a rally through 15,700/15,800 continues to elude it. A reversal below 15,480 would provide a bearish development, while on the upside above 15,800 the price should move into new record high territory.
S&P 500
The S&P 500 had a powerful run last week, hitting seven new all-time highs in a row, something it has not done since 1997. It would hardly be surprising to see some retracement of these gains, but at present there is no sign of a pullback at hand.
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