FTSE 100 & DAX still stalled but S&P 500 targets new record
Gains for European markets have been hard to come by this week, but US indices are still in strong form thanks to earnings season.
FTSE 100
The FTSE 100 continues to consolidate, refusing to move below 7200 even as a rally through last week’s highs eludes it.
This leaves a move higher as still the most likely next move. A drop through 7150 would point towards a renewed move lower.
DAX
Here too the index has held its ground well, refusing to move lower even as it remains stuck below trendline resistance and the 50- and 100-day simple moving averages (SMAs) of 15,568 and 15,602 respectively.
Yesterday’s dip towards 15,400 found buyers, delaying any bearish turn lower. Bulls still need a move above 15,602 to break above trendline resistance and the aforementioned moving averages, in order to create a more bullish view.
S&P 500
After an interlude of seven weeks, the index has returned to its previous record high and now looks for further gains.
Having marched higher for seven sessions the index remains in bullish form, completing its rebound from 4300, and with no sign of any retracement yet at hand.
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