FTSE 100, DAX and S&P 500 all push higher
Indices have built on their gains, rallying towards new intraday higher highs.
FTSE 100 creates new intraday higher high
The rally from the low of Monday continues, as the FTSE 100 hits 5600 for the first time in over a week.
It has been a mostly straight line up over the past three sessions, with some weakness overnight, but with the index having created a higher high at 5600, a more bullish view is emerging for now. Given the scale of volatility, a pullback to create a higher low might drop towards 5000, but if it can hold above this level then the nascent uptrend begins to take shape. Further upside targets lie at 5730 and 5900.
DAX continues its rally
The DAX has surged from the lows of mid-March around 8200. As with the FTSE 100, there has been little in the way of a pullback since Monday, but with the 9160 level breached a more bullish view is in place.
Further moves higher target 10,200 and then 11,000. Dips that hold above 8500 would be possible buying opportunities.
S&P 500 pushes back to 2500
The passage of the stimulus bill provides more hope for the US economy, and equities have moved higher in anticipation of its passing. While European markets are making new higher highs, the S&P 500 needs to clear 2500 to provide a clearer signal.
This would help it to break the downtrend of March, and follow along the path set by the FTSE 100 and the DAX. Further targets to the upside are found at 2615, 2730 and then 2815. A failure to break 2500 would be a negative development, and bring the 2300 and 2200 support levels into play again.
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