Indices back on the up after rebound
Indices recovered strongly yesterday, and have made further gains in early trading today.
FTSE 100
The bounce yesterday took the FTSE 100's price back above the 50-day SMA (6875) and further gains this morning have carried it above 7000. This looks to all intents and purposes like a higher low and a resumption of the move higher, and with stochastics bouncing from a low level, the move back to 7150 and higher seems in place. Sellers will need to engineer a reversal back below 6875 to restore a more bearish view.
DAX
The picture here is not quite as encouraging for now, since there has been little follow-through on the bounce we saw yesterday. However, a move above 15,300 would put fears at rest and open the way back to 15,500. For the second time this month the price has bounced from 14,800 so this is the level that needs to be broken to the downside to support a bearish view.
S&P 500
The bounce from the 50-day SMA (4068) certainly leaves the uptrend for the S&P 500 intact, and also confirms the current view of 2021 as a low volatility year where selloffs are short and contained. Further gains above 4140 would reinforce the bullish view created by the bounce and the move above 4120, and open the way to 4240 and the record high. Yet again sellers have only had a temporary grasp of the market, in line with previous drops so far this year.
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