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FTSE 100, DAX and Dow all still in bullish form

Despite a gap down overnight, indices are still in their uptrends from the end of August.

FTSE 100 unsteady around 7400

While the FTSE 100 clawed its way back to 7400 last week, it has been unable to hold gains since then.

However, if it can hold on to the broader push higher from 7000, ie without dropping below 7200 once again, the broader outlook seems supportive of a further push towards 7500. Below 7200 raises the prospect of another push towards 7000.

DAX still pushing higher

The straight line move from the August low suffered a check today, as the price for the DAX gapped lower from its Friday peak.

Having surged through 12,400, the price may now push on further towards 12,600 and the July high at 12,670. So far dips towards 12,300 have found buyers, so a drop below this would dent the more bullish thesis, although not substantially. A move below 12,200 is needed to suggest a full-blown reversal is developing.

Dow within reach of new highs

Last week saw the Dow Jones hit its highest level since early July, within easy distance of the record high.

A gap lower today leaves the broader move higher intact, with further buying targeting 27,320 and then on to the record high from July. A drop back below 26,800 would be needed to suggest a more substantial reversal is in play.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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