FTSE 100 rebounds, as Dax and S&P 500 push higher
Indices are moving higher, with the FTSE 100 attempting to rally from support while the S&P 500 targets new records.
FTSE 100 firmly on the back foot
After declining throughout last week, the FTSE 100 finds itself back at the 5950 area that marked support at the end of July. This rather critical area has seen buyers step up in the past, but a close below 5900 would likely open the way to more downside, with 5727 and 5497 as first-line targets. The past five sessions have seen a series of higher lows on the intraday chart, and until that changes, perhaps with a move above 5980 then the overall bearish impression remains in place.
Dax still edging higher
While the Dax has yet to reclaim the highs of mid-July, the index has continued to recover from the lows seen at the end of that month. The second half of last week saw the index lose ground, but possible rising trendline support from the June low, or at the 50-day SMA (12,769), may help to begin a bullish reversal. The higher highs and higher lows since the end of July would suggest that the bullish view is still intact.
S&P 500 rally goes on
There is as yet no sign of even a short-term pullback in play for S&P 500. Rising trendline support from the late-June low could see the index find support around 3450, while a fresh push higher targets 3530 and the record high from the end of last week.
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