FTSE 100, DAX and S&P 500 rallying in early trading
Indices have begun the week with gains, helped by the return of US markets from their long weekend.
FTSE 100 finally finds some upward momentum
While 6250 has held back the market in recent weeks, it is the area around 6340 that will need clearing in due course if the FTSE 100 is to stage another longer-term push higher.
As noted previously, while upward progress has been lacking over the past four weeks, the index has managed to avoid much downside, holding above a rising 50-day simple moving average (SMA) of 6108. Above 6350, the index targets 6530 and the peak from early June. A bearish view requires a reversal below the 50-day SMA.
DAX resumes its march towards 13,000
A fresh push towards 12,954 for the DAX and the high from early June is underway, with a move above here establishing a new higher high.
If this and 13,000 is cleared then the index is well on its way to retesting the peak from late February at 13,820. In the short term, a reversal below 12,200 is likely to signal the end of this push higher.
S&P 500 returns to work with a bang
US indices are back today after their long weekend and already futures are in strong form. A rally towards 3330 for the S&P 500 seems on the cards as the ongoing move higher enters a new phase.
Having established support around 3020 in June, the index now has a higher low in place. A more bearish view requires a drop below 3010, and for now it looks like the buyers are firmly in charge.
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