FTSE 100, Dax and S&P 500 look to further gains
After a reasonable run last week indices are looking forward to further upside.
FTSE 100 makes headway
The FTSE 100 continues to build in quiet fashion on the gains seen last week. The price has held above the 50-day MA (5994), and now targets 6100 and the highs from mid-September, with intraday dips continuing to be buying opportunities, backed up by rising stochastics and MACD. It remains in a downtrend from the June high, with a rally above the mid-September lower high needed to reverse the longer-term bearish view.
Dax pushes higher
More gains have been seen in Dax, as the push back towards 13,300 continues after a strong rally over the past two weeks. Weakness on Friday found buyers, with no sign yet of a reversal. A move back below 12,850 would be needed to provide an indication of some near-term weakness.
S&P 500 continues to climb
We have seen several days of gains for the S&P 500, bolstered by hopes of a US stimulus deal. Having cleared 3448 the next target is the September record high. Some near-term weakness may find support towards 3448 and then 3400.
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