FTSE 100, DAX and S&P 500 resume their move higher
Indices have begun to move up again, with the FTSE 100 looking strong after hitting a new one-year high.
FTSE 100
The rally continues, climbing to a new one-year high after a solid two sessions that have powered the FTSE 100 through 7000. The next target to the upside is 7230, while to all intents and purposes rising trendline support from the end of January continues to provide the foundation for further gains. The bullish view is firmly in place.
DAX
Having bounced off the 50-day SMA (14,910) earlier in the week, and with stochastics crossing higher after a steady decline, it looks like the index will resume its rally and head back towards 15,500. A breakout above here puts it in new record high territory, and would clock up a new higher high after the higher low seen this week.
S&P 500
Yesterday’s bounce puts the buyers back in charge and apparently ends the weakness of the preceding four sessions for the S&P 500. Elevated stochastic readings point towards the strength of the rally, while the low volatility index (VIX) reading reinforces how quiet it has been over the past four months. Sellers would need to get the price back below 4120 for a short-term bearish view to prevail, but overall it looks like we have a renewed move higher as the current week draws to a close.
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