FTSE 100 hits new ten-month high as Dax and Dow head to new records
Indices have continued to gain in the wake of the Georgia election. IG chief market analyst Chris Beauchamp looks at the chart of FTSE 100, Dow and Dax.
FTSE 100
The FTSE 100 amazing performance continues, with yesterday seeing the strongest performance since ‘vaccine day’ on 9 November. Having broken to the upside, the price seems well-supported as it targets 7000, and from there 7230. A continued straight-line move seems unlikely, but any consolidation from here is likely to offer up a chance for more longs to jump on board this particular train.
Dax
A more modest performance here nonetheless saw the DAX push on to a record high, which has been reinforced this morning. Continued momentum should help to carry the index on towards 14,000, with trendline support from the mid-December low around 13,700 possible in the event of any near-term weakness.
Dow
US markets shrugged off an early bout of indecision with regard to the Georgia results, and the Dow has pushed higher. A move towards new all-time highs still seems likely here, continuing the steady drift higher of recent weeks. Given the strength of buying over the past weeks between 29,500 and 30,000, the index will need to clear this range to the downside to open the path to any bigger move lower.
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