FTSE 100, DAX and S&P 500 all aiming to continue bullish move
Indices are mixed in early trading but, having bounced from recent lows, still do not look at risk of a deeper retracement.
FTSE 100 attempts a breakout
The FTSE 100's latest bout of volatility seems to have resolved in favour of the buyers once again, after an impressive defence of 6900 over the month so far. Repeated dips to this level, and once below it last week, have not generated a bigger pullback. Instead this zone of support has held firm and provided the base for a move higher. A potential break of trendline resistance from the May peak could be underway, opening the path to 7100 and 7150.
DAX bounces from support again
In the case of this index it is 15,000 that has held firm as support, with the rising 50-day simple moving average (SMA) - currently 15,117 - also acting as a floor to any downside. This leaves the uptrend intact yet again and with a turn higher now developing in the daily moving average convergence divergence (MACD), another attempt to clear 15,500 could well be underway.
S&P 500 back on the front foot
With the S&P 500 having recovered from the turnaround earlier in the week, it seems that the buyers will have once again wrested control from the sellers. Both the dips this month have resulted in recoveries back above the 50-day SMA (4093) that puts the bullish view in the driving seat. A move back to the record high seems likely, with the bearish view held in check unless we see a reversal that clears the lows of the past two weeks.
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