FTSE 100, DAX and S&P 500 in strong form after bullish week

Despite some early weakness, the overall impression given by indices is that they are prepared to push higher.

FTSE 100 recovers from dip, looks to close above 7300

Unlike other indices, the FTSE 100 was not able to stage a convincing breakout last week. However, it recovered from a dip towards 7250 at the end of last week, creating a higher low and holding rising trendline support from the 26 August low.

A daily close above 7300 would be the signal that the index has joined in the global risk move, with a rally above last week’s peak at 7350 cementing this view.

FTSE 100 chart Source: ProRealTime

FTSE 100 chart Source: ProRealTime

DAX aiming for 12,410

It has been a good few weeks for European equities, which have surged despite ongoing signs of economic weakness in the eurozone, and particularly in Germany for the DAX.

The index breezed through the top of the August range, and then on through the 50- and 100-day moving averages (MAs). The next target is 12,410, and then on to 12,600.

DAX chart Source: ProRealTime

DAX chart Source: ProRealTime

Will S&P 500 ascend to highs of late July?

Last week finally saw the S&P 500 break out of its August range, with the bull market reasserting itself.

The index is now within easy distance of the previous record highs of late July at 3030. Pullbacks towards 2940 could find support at the rising trendline from the 26 August low.

S&P 500 chart Source: ProRealTime

S&P 500 chart Source: ProRealTime


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