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FTSE 100, DAX and S&P 500 all start the week with gains

As December begins, indices are moving higher, as volumes return following the US Thanksgiving holiday.

FTSE 100 recovers in early trading

Friday’s thin and directionless session saw the FTSE 100 drop back from the 7440 zone that has acted as resistance since late September.

However, early trading this morning has seen the price recover some ground. A daily close above 7440 is still needed to generate a more bullish view; continued failure to move above this level increases the risk of a move back towards 7200. Above 7440, 7550 and 7640 come into play. Intraday trendline resistance from the 27 November peak means that the price must breach 7400 to indicate that the bulls are regaining control.

DAX hitting range top

The DAX continues to show little inclination to break out of its range. Since 7 November, it has traded, with two brief breakouts, between 13,100 and 13,300.

This continues to look like a consolidation after the big gains of October and early November, since the dip below 13,100 was quickly bought. Seasonality continues to favour the bulls here, but we need a daily close outside of the 13,100-13,300 range to provide a clear indication of what may happen next.

S&P 500 back to normal service

The US returns to normal trading today after the Thanksgiving holiday and Friday’s shortened session. The bulls have maintained their iron grip on the S&P 500, with very little in the way of downside over the past month or more.

The drift over the past few days has now run into possible trendline support from 10 October, which may provide a foundation for more gains. Otherwise, a drop back towards 3100 may provide support.

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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