FTSE 100 and Dax struggle as S&P 500 glides to new highs
US markets continue to make new highs, and while the Dax is clinging on near the highs of the week the FTSE 100 is struggling to hold 6000.
FTSE 100’s miserable week continues
This serial underperformer of an index managed to recover from the dip yesterday that saw the cash session close below 6000. But upward momentum over the previous three sessions stalled at 6060, and with the bounce from last Friday’s lows having been so ruthlessly sold, it looks like the sellers are still in charge. A fresh drop targets 5990, and then below this 5950 and 5850 come into view.
Dax stalls below week’s highs
The buyers were unable to hold the index above 13,200 earlier in the week, and while the index has bounced from intraday oversold levels, the buyers need to clear the 13,200/13,250 zone to open the way to more gains. Losses this week have been contained at 13,000, so we at least have a clear range to guide our view on the next move.
S&P 500 hits new record
It has been a week of new highs for the index, which continues to climb ever-higher. The steady, relentless move higher on the hourly chart seems to show no sign of reversing. The progression of higher highs and higher lows continues for now, although a reversal below 3450 might send a signal that some near-term weakness is a possibility. But sellers will need to wait for the lower highs that, for now, refuse to develop.
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