FTSE 100 and S&P 500 moving up as Dax remains stuck in a range
The FTSE 100 and S&P 500 are looking to continue their recent strong run, while the Dax is still in search of a break out of its six-month trading range.
FTSE 100 looks to build on strong week
The FTSE 100 finished the week on a high, rallying on Friday to its highest level since early March. From here the next level to watch is 6874, where a bounce early in that month faltered. Buyers came in at the beginning of the week, helping the index to hold above the 6250 level. Any more near-term bearish view requires a drop back below 6250, but so far there is little sign of any bearish price action.
Dax still entrenched in trading range
Unlike other indices, the DAX has yet to make a meaningful push higher for the month, remaining stuck in the zone around 13,300 that has held since late July. The price continues to hold 13,200, while a move above 13,400 has not yet developed either. Thus, we wait for a break of this range to provide an indication of the next likely direction.
S&P 500 continues its steady gains
The amble higher continues, as the S&P 500 makes steady, if unspectacular, gains and moves tentatively into new record high territory. There was little in the way of any dip last week, with a drop towards 3600 last Monday being met by buying. The upside case continues to hold sway, with sellers requiring a drop back below 3600 to open the way to any near-term weakness.
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