Indices looking strong ahead of FOMC meeting
Indices have made gains in recent sessions, but some nervousness ahead of the Federal Open Market Committee (FOMC) meeting is to be expected.
FTSE 100
The FTSE 100 sits at a one-month high, having climbed steadily since the beginning of June. Price action continues to point towards further upside in the near-term, although after such a strong run some weakness may be expected. But this would still be more of a buying opportunity unless the price drops below 7045.
DAX
A rising channel continues to prevail here, with the DAX evidently content to keep moving higher, targeting new record highs. A dip toward 15,600 and the lower bound of the channel could form a new buying opportunity, while a move below 15,500 is needed to hand the bears some short-term sustenance.
S&P 500
Upward momentum continues to carry the S&P 500 to new highs as we saw yesterday, with little in the way of any sustained downside for the time being. This state of affairs will remain in place unless a move below 4210 and 4170 can create some short-term downside.
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