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FTSE 100 moves higher after pullback while DAX and S&P 500 aim for further gains

The new week begins with the DAX and S&P 500 preparing to move higher as the FTSE 100 aims to recover from recent weakness.

FTSE 100

The FTSE 100 has moved higher after touching a one-month low on Friday.

After being overextended in mid-November the pullback has brought the index back towards the 50-day simple moving average (SMA) at 7176. If it can make further headway towards 7300 we may see bullish stochastic and moving average convergence/divergence (MACD) crossovers that will point towards a recovery in bullish momentum.

Intraday, the price is still at risk of creating a lower high, so some selling will likely take place in an attempt to drive the price back below Friday’s low.

DAX

A small drop for the DAX last week might yet turn into something more extensive, but already buyers have popped up to stem the flow of declines.

There might be some support at 16,032 and then the area at 15,980, while a deeper retracement heads towards 15,792. A fresh bounce targets last week’s highs at 15,300.

S&P 500

The price briefly touched a new high on Friday, and is looking to start the new week in strong form.

So far the wide gap we noted on Friday between the price at 4700 and the 50-day SMA at 4516 does not appear to bother the index, but it could become a point of concern in due course, prompting a drop similar to what we saw last week in the FTSE 100.

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