Indices still beset by lack of upward progress
While the week has passed without any major downside, indices overall are still finding it hard to keep rallying, although the FTSE 100 has made modest gains in early trading.
FTSE 100
While the FTSE 100 was knocked back from 7000 yesterday it has managed to hold above the lows of the week and stay close to 7000. This leaves the bullish view intact, and with stochastics turning higher, a push back to the 7050 highs of mid-April may still be on the cards. Sellers will want to see the price back below 6850 to open the way to additional downside.
DAX
After falling back yesterday, a small recovery is in evidence this morning. If the index can hold the 15,100 area as support, as it has done over the past two weeks, then a move back to 15,500 could be in the offing. Further declines below 15,100 would open the path to the rising 50-day SMA at 14,783.
S&P 500
The S&P 500 has spent the week tantalisingly close to 4200 but without any real ability to break higher. Still, bullish momentum has not entirely abated and the sellers have been unable to muster the strength to drive the price down. A bigger decline requires a drop below 4120.
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