FTSE 100 makes headway as S&P 500 hits new record
While the DAX is still struggling to push above recent highs, the FTSE 100 is on the up and the S&P 500 is moving to new record highs.
FTSE 100
Concerns about a turn lower for the FTSE 100 have been brushed aside as the price marches on towards the June highs above 7200.
The indecisive end to last week has given way to a fresh push higher, and points towards renewed bullish momentum. Continued gains above the 50-day simple moving average (SMA) of 7085 have firmly shut out sellers from this market.
DAX
The DAX continues to hover just below the highs of June and July, but shows no desire to head lower either.
Revived risk appetite across UK and US markets should drag the index higher, although macro concerns about the German and Chinese recoveries have held back bullish sentiment.
Nonetheless, a move above 15,800 that brings 16,000 into view still seems the most likely outcome.
S&P 500
The S&P 500 did eke out another record high yesterday, but was unable to hold on to it overnight.
Pre-game nerves regarding today’s consumer price index (CPI) print have held back any rush to push the market higher, a situation amplified by summer’s low liquidity.
Still the buyers appear to have the upper hand, although it is worth noting that the brief and contained selloffs seen this year do tend to occur around the mid-month point.
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