FTSE 100 tops 7100 as DAX and Dow weaken
While the FTSE 100 is climbing, the same cannot be said of the DAX and Dow, which are struggling to make headway.
FTSE 100
An ascending triangle continues to drive the price of the FTSE 100 higher, as the dip to 7050 yesterday is met with buyers and the price moves back to 7100. Another attempt to break higher could be underway, which would open the way to 7167 and the May peak. As noted earlier in the week, sellers have been unable to hold the price down and will now need a close back below 7050 to open the path to some downside.
DAX
Having fallen back yesterday towards 15,500, the DAX seemed in danger of further losses, but buyers appeared to rescue the price and drive it back higher creating a higher low in the process. This puts the record high (and possibly higher) back in view, while sellers will want to push the price back below 15,500 to create a more bearish near-term view.
Dow
A 400-point drop from the high last week has only put a small dent in the upward move, but unlike the S&P 500 the Dow has dropped back from record highs. Buyers have been unable to recover much momentum in recent sessions, but a more bearish view would require a continued drop below 34,200. Any recovery above 34,600 will put the buyers back in charge.
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