Indices look for new gains as new year begins in earnest
Indices are looking strong as the new year gets underway, with US markets bolstered by gains in tech names.
FTSE
The FTSE 100 began the year by rising above last year’s high at 7461 and is trading at levels last seen in February 2020, with that month’s high at 7549 being in view.
Short-term pullbacks towards the 7405/7379 November and early December highs look likely to represent a buying opportunity for now, with this latest surge looking like part of the wider bullish trend.
Medium-term upside pressure should be maintained while the index remains above the 7355 late December low.
DAX
The DAX's strong start to the year yesterday ebbed away early on in today’s session, but the December high at 15976 is likely to act as support if a further slip were to occur. Further down the one month support line can be seen at 15932.
A rise above today’s high at 16104 is needed for the November high at 16298 to be back in the limelight.
S&P 500
The S&P 500 is seen flirting with last year’s December high at 4799. A rise above this level and the psychological 4800 mark is needed for the 161.8% Fibonacci extension of the December rise, projected higher from the December 20 low, at 4926 to be engaged.
The short-term uptrend remains intact while the contract stays above yesterday’s 4748 intraday low.
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