FTSE 100, DAX and S&P 500 all riding high
Indices are in strong form as the new week gets underway, building on the gains of the past week and more.
FTSE 100 clears March gap
The FTSE 100 has finally filled the gap down from early March, as its recovery goes on. Additional upside targets 6875, the peak from early March, with some resistance along the way at 6533.
Having gained so much ground last week the index remains firmly in a bullish frame, although some weakness is to be expected if we see a reversal below last Thursday’s lows at 6320.
DAX moves like a rocket
This DAX sits on a gain of over 25% from the lows in mid-May, and shows no sign of stopping yet. Further gains head towards 12,904, 13,200 and 13,600, the last being the record high from February.
The month-long bounce has been very smooth from an intraday perspective, and like the FTSE 100 we would need to see a drop below 12,325, the low from last Thursday to provide some indication that there is the prospect of a short-term pullback at least.
S&P 500 keeps on rallying
Having cleared the early March highs at 3130, the S&P 500 continues to soar. It now targets 3215, and then on towards 3393, the all-time high.
With such a big move higher, the index may well pause, with a possible drop towards 3130 or even towards 3100 helping to provide a higher low.
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