FTSE 100, DAX and S&P 500 pause after rebound
The upward moves in indices are intact, but have paused after recent strong gains
FTSE 100 claws its way back
The FTSE 100 price has clawed its way back to the 6800 zone, which has marked resistance since mid-February. A break above here is the crucial element in any bigger move towards the January highs at 6950, which have remained unvisited since the initial surge early in the year. Having seen steady buying on weakness on Thursday and yesterday, it looks like the buyers are in control, with no sense that the sellers have yet mustered the strength to deliver a move back below 6700 that might point towards some further weakness.
DAX continues to climb
The climb to new record highs continues, and now the DAX has 15,000 firmly in its sights. After Thursday’s bounce the sellers have been shut out of the market, with buyers taking control in impressive style. At present further upside seems likely, with little indication of any impending reversal. The bullish view would be put under pressure with a drop back below 14,600.
S&P 500 back on course
The S&P 500 index is back on course to 4000 it seems, having recovered the losses from the middle of the month. This brief selloff only saw some short-term weakness that was swiftly met with buying down towards 3850, and while the gains have been relatively muted, a breakout to a new peak seems likely on current price action. Sellers will want to see a continued failure to break higher, coupled with a move back below 3900 and then 3850.
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