FTSE 100, DAX and S&P 500 all in positive mood
A ten-month high for the FTSE 100 and the DAX, plus a fresh record for the S&P 500, confirms the bullish mood in markets as the US Independence Day approaches.
FTSE 100 at ten-month high
The FTSE 100 continues to make headway, clearing the 7560 zone that marked the peak at the end of September last year. This is another positive development, since the rally from January to April faltered below this level.
The pullback to 7150 in May now looks like a higher low, and this builds the case for further gains in due course. Upside targets are now 7644 and then 7783. A move back below 7500 would be bearish in the short term, and would then bring 7340 into play as possible support. This is the area that provided a foundation for further gains back in mid June.
DAX recovers Monday highs
Early trading has seen the DAX shoot higher, returning to 12,600 and looking set for a break higher after digesting the gains made at the beginning of the week.
A close above 12,600 puts the index back above its August 2018 high, and opens the way to 12,735, 12,830 and then on to 13,000. Support this week was found around 12,480, and if this is broken then a pullback towards the 50-day simple moving average (SMA) at 12,170 may materialise.
Yet another record high for S&P 500
The S&P 500 have clocked up another record in early trading, having filled the gap higher from Sunday over the past three days.
The bullish view remains in place, with 3000 now in sight. A move back below 2940 is needed to suggest a near-term bearish view has developed.
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