FTSE 100, DAX and S&P 500 all advancing once again
Indices have been bolstered by comments from Jerome Powell, who hinted at the possibility of more action in an interview this weekend.
FTSE 100 starts the week in bullish form
The FTSE 100 has recovered from its weakness, finding support above 5600 and pushing back towards 6000 as the recovery gathers pace.
Above 6015 the 6200 peak from the end of April comes into view, and this would then lead on to a test of the gap down from early March. Two dips towards 5600 in May so far confirm that any bearish move needs to take out this level to open the way to further downside.
DAX makes strong early gains
Last Thursday saw the DAX continue the fall from earlier in the week, but the price found support at 10,200, as it did in mid-April. A continued push higher now targets 11,000 and then 11,265, where the bounce stalled in April.
The index has really been in a range for over a month, moving from 10,200 to 11,265 and then back down, so a decisive break either below the former or above the latter is needed to establish the next direction for the medium term.
S&P 500 edges higher again
This S&P 500 has been in a range for a month, bouncing from 2800 towards 3000 before dropping back again.
The losses earlier last week and then the recovery in the second half leave this view intact. Above 3000 the index finally clears the March gap down, targeting 3130. Alternatively, losses below 2800 open the path to 2730 and then 2600.
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