Friday begins with indices posting gains
Fresh records for the DAX and S&P 500 confirm their bullish uptrends, while the FTSE 100 steadies after recent losses.
FTSE 100
All eyes are on the FTSE 100 to see whether it can make further headway and confirm a higher low has formed.
Yesterday saw the price dip below 7250, but then recover, and with early gains in place today a reversal higher could be in play. This would put 7400 back into view as an initial upside target.
The sellers will want to see 7250 lost once again in order to open the way to 7220 and lower.
DAX
It has been another strong week for this index, which has sallied to new highs, helped by a weaker euro.
For now the buyers are firmly in control, and it would need a reversal below 16,100 to provide a short-term bearish view.
S&P 500
After some brief weakness earlier in November the buyers are back in charge here too, carrying the index to a new record in early trading today.
Thanksgiving is now in sight in the US, and this often sees markets rally into the holiday. While the index does look overextended, at least visually, it has not yet been particularly bothered by this, despite the yawning gulf between the price at 4724 and the 50-day simple moving average (SMA) at 4512.
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