Indices struggle to make headway after overnight recovery
Indices managed to edge up overnight but have found that bullish momentum has faded as the new day gets underway.
FTSE 100
The FTSE 100's bounce from mid-July was rocked over the past two days by a dip, but this has resolved into a higher low around 7110, with the price rebounding once again.
The upside target is now 7220 once again, as the index looks to break to a new 18-month high. This bullish view remains in place unless we see a reversal back below 7110.
DAX
Some slight turbulence for the DAX this week barely dents the bounce seen since the middle of last month.
Support came into play around 15,850, with the price creating a higher low above the 50-period simple moving average (SMA) of 15,849. A renewed move above 16,000 now looks likely, leaving sellers once again to wait as a new move to record highs begins.
S&P 500
Monday’s strong start to the week for the S&P 500 was not immediately followed up, with a brief drop to 4420 taking place.
This seems to have come to an end, with buyers back in control once again and targeting new record highs. The bullish view remains in place unless we see a drop back below 4400.
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