FTSE 100, DAX and S&P 500 still in uptrends
Despite a weak session in Asia, European equities are moving modestly higher, with the overall outlook still positive for indices.
FTSE 100’s rally continues
A new 11-month high for the FTSE 100 last week confirms that the uptrend from December is still in place. The index dropped back over the past two sessions, having rallied over 3% in the preceding four sessions.
However, the short-term uptrend is also still intact, with rising trendline support from the 31 June low coming into play around 7500. A move back above 7570 targets 7620 and last week’s peak.
DAX bounces from trendline support
The DAX has rallied off trendline support in early trading, having carved out a new higher high last week. Further gains target 12,666 and then 12,750 and 12,855.
A move below 12,400 might suggest some more near-term weakness, targeting 12,400 and then 12,165.
S&P 500 still close to previous record
A new record high last week provides further confirmation of the strength of the uptrend for the S&P 500.
Pullbacks could find support at 2960, 2940 or at the 50-day simple moving average (SMA) currently at 2886.
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