FTSE 100 joins in the rally, as Dax and S&P 500 eye up fresh records
Indices have begun the week on a bullish note, although a US holiday means it is likely to be a quiet session.
FTSE 100 finds some momentum at last
Friday saw the FTSE 100 finally begin to make a move to the upside, rallying to its highest level in over two weeks and breaching the 50-day SMA (6601) to the upside. It has begun the week in strong form as well, opening above Friday’s high, bolstering the signs of a continued recovery. After a mixed period over February so far, it looks like the buyers have reasserted control and are poised to drive the price back towards its January high at 6950, after creating a higher low at the beginning of February.
DAX clambers back above 14,000
This DAX shrugged off the weakness at the start of last week and has moved back to the highs of January and early February, moving back above 14,000. Further gains target 14,193, and above this the index is back in record high territory. After managing to establish a low at 13,826 last week, the buyers are now looking to push the price higher still, while sellers will need to move back below 13,826 to provide a more bearish short-term view.
S&P 500 futures at new highs
The cash market is closed today for Presidents’ Day, but S&P 500 futures have already moved higher. An indecisive week saw the price hover around 3900, but Friday witnessed a break higher, cancelling out any hope of a move to the downside for sellers, and giving the buyers the upper hand once again.
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