Indices struggle in early trading
After the FOMC-induced volatility, indices are finding it hard to make headway.
FTSE 100
The post-Fed pullback has seen the FTSE 100 drop back from the highs for the week, but the upward move is still firmly intact. Short-term trendline support from mid-May could well come into play around 7132, while additional gains target 7200. A drop below 7120 opens the way to at least a short-term retracement.
DAX
Gains this week for the DAX have stalled at 15,770, but this is likely to be only a temporary roadblock if recent performance is anything to go by. The previous higher lows at 15,600 and 15,500 could well see buyers step in to defend the price, while an additional move higher that clears 15,770 puts the index in new all-time high territory.
S&P 500
Having fallen back from its high above 4260 the S&P 500 has steadily recovered from Thursday’s low and seems set to push higher once again. Renewed gains target 4260 and higher, while the short-term bearish view would require a move back below the lows from yesterday around 4190.
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