FTSE 100, Dax and S&P 500 all moving higher
Indices have begun the week on the front foot, with healthy gains in Europe and US futures pointing towards a higher open.
FTSE 100 continues its strong form
The FTSE 100 rebound comes even as US indices have struggled to post any kind of long-term recovery. However, having rallied off a lower low, the index is now heading towards trendline resistance from the June highs, which may bring a more bearish picture into play. For now, however, the buyers are in control, so further intraday lows could continue to be buying opportunities in the short-term. A more bullish view in the longer-term requires a push through 6180 and the late August lower high, and then bringing 6290 into view.
Dax resumes its march higher
The Dax is moving back towards the high seen at the beginning of the month at 13,400, as the overall move higher continues. Last week’s rebound off the 50-day SMA (12,902) has revived the bullish view, and with rising 50- and 100-day SMAs the buyers are in control in the near-term. A reversal below 12,800 would be needed to suggest that some near-term weakness has emerged.
S&P 500 bounces off 50-day SMA
While the S&P 500 price did struggle at the end of last week, it has rebounded off the 50-day SMA (3333) this morning. It may be that the index is bottoming out above 3300, with a possible move above 3450 providing further reinforcement of the bullish view. At present we are however still seeing a progression of lower highs on the intraday chart, although the bulls will point towards the two rebounds from 3300 that could suggest that a double bottom has been formed.
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