FTSE 100, Dax and S&P 500 push higher
Indices have continued to gain, maintaining the bullish outlook established over the past week.
FTSE 100 clears 50-day SMA
The FTSE 100 has managed to close above the 50-day SMA (5993) for the first time in a month. Continued bullish momentum may carry the price back towards 6100, the mid-September high. If it can recoup this level then the cautiously bullish view created by the double bottom in September will be reinforced. Any reversal back below the 50-day SMA would mark a lower high and point towards another test of 5800.
Dax rally continues
More gains in DAX have been seen here, as the price opens above the 50-day SMA (12,929) for the first time since mid-September. Further gains target 13,300, the high from earlier in that month. A reversal could see short-term rising support around 12,800 come into play, while a more bearish view develops with a drop below 12,750.
S&P 500 climbs on stimulus hopes
This S&P 500 has enjoyed a healthy bounce over the past week even when Tuesday’s drop is taken into account. Crucially it has now cleared 3420, where the price fell in mid-September, and now looks clear for a move back towards the September record high above 3580. Sellers will need to see a reversal below 3350 to provide a more near-term bearish view.
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