Indices in bullish form despite weaker NFPs
Stock markets were bolstered by the weaker non-farm payroll (NFP) report on Friday, and while futures are more mixed this morning the overall bullish view remains in place.
FTSE 100
Friday saw the FTSE 100 hit a new one-year high, putting the buyers firmly back in the driving seat. Further upside targets 7230, while a drop towards 7000 could well encounter rising trendline support. The index’s bullish 2021 continues, with higher lows and higher highs confirming the uptrend.
DAX
Last week was a good one for the bulls in this index as well, with a push towards 15,500 and the previous peak continuing. Early trading has seen the price drop back from its optimistic start, but the bounce from the 50-day SMA (blue line, currently 14,939) and the bullish stochastic crossover point towards the buyers being firmly in charge once again.
S&P 500
The non-farm payrolls report provided the catalyst the index had been looking for, pushing it beyond 4200 and hitting a new record high. This breakout from an ascending triangle hands the initiative back to the buyers, with a reversal below 4125 needed to suggest that the sellers have regained control in the short term.
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