Indices make headway after volatile start to the week
After a choppy start to the week, indices have made headway, pushing higher in early trading.
FTSE 100
Two dips into the 7000 area found buyers, and now the FTSE 100 is rebounding towards yesterday’s peak at 7160.
If it can clear this then a more bullish view may yet emerge, bringing the 7310 peak from 25 November into view once more.
Alternately a fresh decline looks to test 7000 once again.
DAX
The index faces steep obstacles in the form of short-term trendline resistance from Monday’s peak, and then one closer to 15,600, as it confronts trendline resistance from the November high, should it even get that far.
A resumption of the downward move from 15,280 would bring 15,000 back into view.
S&P 500
The price has rallied once again from 4560, but now faces the lower high at 4670, and then at 4690, where trendline resistance comes into play.
The consolidation phase may yet run for a while, but a more bearish view would require a close below the lows of the past week at 4560.
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