FTSE 100 strengthens as DAX and S&P 500 attempt to bounce
Early strength in the FTSE 100 is currently outshining the DAX and S&P 500’s small gains.
FTSE 100
A break above 7100 continues to elude the FTSE 100, but this lack of upward progress has not given sellers the upper hand, since the price continues to adhere to rising trendline support. Barring a dramatic reversal, a break higher still seems the most likely development, targeting 7167.
DAX
Having formed a base above 15,500, with two dips to that level finding buyers, the DAX now needs to find the strength to break high above 15,600. Such a development would likely result in new record highs in short order. Sellers will need to find the strength to push the price back below 15,500.
S&P 500
Stocks rallied in the wake of yesterday’s CPI reading, and the S&P 500 briefly hit a new record high. It has held on to most of those gains and now looks to push higher again, having bounced from rising trendline support.
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