Indices rally enters a new session
Having finished the week on a stronger note on Friday, the new week has begun with gains as well.
FTSE 100
Friday’s bounce saw the price rally from 7036 and then move back above the 50-day simple moving average (SMA) at 7093.
Buyers came in at 7000 to prevent any additional downside, putting the FTSE 100 back on course to target 7200 once more. A reversal below 7040 is needed to suggest a turn to the downside is at hand on a more extended basis.
DAX
Similarly this index fell towards 15,600 last week and then bounced on Friday. This puts it back on course to 16,000 and to new record highs if bullish momentum is maintained.
As with the FTSE 100, expectations of a more extended pullback have been negated for now, leaving the buyers in charge.
S&P 500
The bounce from 4360 is intact, and now the price is back on course for 4480 and higher.
Any potential for a pullback has been cancelled out for the time being as the S&P 500 stages yet another bounce from the 50-day SMA (4358).
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