FTSE 100, Dax and S&P 500 all showing signs of strength
The FTSE 100 continues its strong run, while the S&P 500 recovery continues ahead of the FOMC decision.
FTSE 100 trend higher continues
The FTSE 100 rally from the early September low shows no sign of slowing down. If anything, it has been reinforced by higher lows and higher highs on the intraday charts. It has now reached trendline resistance from the June highs, and above this 6160 and 6290 are upside targets. A reversal below previous higher lows at 6010 and then 5950 would start to build a more bearish view.
Dax stalls below recent highs
Gains in Dax have run out of steam below 13,300, although there has still been some buying on weakness over the past week. A break above 13,300 is the bullish trigger that is currently missing, but would open the way to 13,500 and possibly higher. A reversal below 13,100 signals another push in the direction of 12,800, where significant buying pressure developed and a key support zone was formed.
S&P 500 edges up ahead of FOMC decision
The S&P 500 has made gains since the double bottom at 3310, and has reached 3420, its first target on the way back up. Continued gains target 3450 and 3490, previous lower highs in the move lower in early September. A renewed decline targets 3310 once again.
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