Indices edge higher as US and UK return from holidays
UK and US indices have begun their shortened week in more positive form and, overall, l traders are expecting a new move higher after last week’s consolidation.
FTSE 100
The FTSE 100 has spent over a week consolidating above 7000, holding around this zone, but without any sign that a fresh move higher is underway. However, this continued defence of 7000 looks likely to resolve into a move upwards as the prevailing trend reasserts itself, and in any case so far the sellers have not had much luck in driving the price lower. A new leg higher targets the May peak at 7167.
DAX
A tight range last week saw the DAX drop back below 15,400 and then recover, putting it back within range of the record highs and pointing towards a potential break higher in due course. Sellers have been unable to effect a bigger move lower in the index, which now looks to be resuming the broader move higher.
S&P 500
Hopes of a continued gain from the mid-March low have been dashed for the time being, as the S&P 500's upward progress stalls once more. The overall move higher is intact however, which points towards further gains in due course, as the bearish view has been broadly cancelled out and will only be revived with a move below 4150 at the least.
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