FTSE 100, DAX and S&P 500 looking stronger in early trading
Indices are in stronger form today after a mixed end to last week, shrugging off the indecision of mid-month.
FTSE 100 moving up once more
A wobble on Friday saw the FTSE 100 drop back below trendline resistance, but then recover and push back towards the highs of the day. Early trading has seen bulls consolidate that move with additional gains that reinforce the view of a break higher that puts 7150 back into view. The recovery on Friday has, for the time being, reduced the chance of a move back to 6900 and the support zone of mid-month.
DAX returns to record high
The index is back at its record high, having marched higher for three consecutive days. This bounce from 15,100 and the 50-day SMA has restored the bullish view and now we wait to see if a breakout to a new record high can develop. Sellers will be left waiting to see if any reversal back to 15,100 develops in the coming days.
S&P 500 moves up again
This index has also resumed its move higher from trendline resistance, bringing 4250 back into view. A renewed bullish outlook would be further reinforced by bullish moving average convergence divergence (MACD) crossovers on the daily chart.
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