FTSE 100, Dax and S&P 500 continue looking for gains
Indices have seen overnight moves higher following the Democrat wins in Georgia.
FTSE 100 hits new multi-month high
A new ten-month high for the FTSE 100 in early trading confirms the strength of the bull trend, the price pushing on through 6600 in overnight trading. The next target is 6874, and with the price having bounced from trendline support at the beginning of the week the outlook continues to support the bulls. A reversal below 6450 would be an important first step in the creation of any bearish view.
Dax holds above 13,600
This DAX isn’t rallying in the same manner as the FTSE 100, but for the time being it continues to hold above 13,600, building a base for a push higher in the near-term. A move back below 13,600 provides a more cautious view, bringing 13,200 into view as support, and then the rising 50-day SMA at 13,122. Alternately, a rally from current levels targets 13,800 and then 14,000.
S&P 500 steadies after Georgia elections
Signs of a Democrat sweep in Georgia are likely to mean parts of the index will do very well, but other sectors like big tech will suffer on fears of a more activist US government. The overall impact appears positive for the S&P 500, which has moved cautiously higher, although a move above Monday’s record high still eludes it. Buyers have come in over the past 48 hours, preventing any continuation of Monday’s weakness.
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