FTSE 100, DAX and S&P 500 all still moving higher
After two days of gains, indices are showing no sign of stopping, with overnight weakness being swiftly replaced with new gains.
FTSE 100 readies itself for move higher
The FTSE 100 leapt higher for a second day yesterday, continuing the bounce from trendline support and bolstering the idea that it is now trading in a long-term ascending triangle from the December 2018 low.
Further gains target 7700 and the area of resistance around this level. Having edged back from 7440 overnight, the price has begun to rebound, with a move above this level taking out a previous lower high and opening the way to 7515 in the first instance.
DAX pushes on from Tuesday bounce
Tuesday’s surge carried the DAX back to the 50-day simple moving average (SMA) of 13,281, and crucially the price was able to move above the previous lower high from 30-31 January.
Further gains head towards 13,350, with a possible higher low being created early on Wednesday’s session. The bullish view remains in place unless the price moves back below 12,950.
S&P 500 targets move above 3300
The S&P 500 seems to have created yet another higher low on the daily chart, bouncing from the 50-day SMA (3226) and now targeting the previous record high at 3340.
The overnight pullback appears to be resolving into a push higher, creating an intraday higher low that will continue to reinforce the impression of a renewed push higher. It will take a move back below 3250 to reverse this view.
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