FTSE 100, Dax and S&P 500 lose bullish momentum
Indices have seen their bullish momentum fade this week, although for the Dax and S&P 500 new highs are only a short distance away.
FTSE 100 still unable to pick a direction
The FTSE 100 continues to drift sideways, moving in a range between 6460 and 6560. A push towards the top end of the range earlier in the week ran out of steam, so we wait for a move above the 50-day SMA at 6596 or below 6450 to open the way to more significant price movement.
DAX edges back after recent gains
Despite bouncing from Wednesday’s low, the DAX price has not been able to develop much more upward momentum, remaining stuck below 14,000. So long as the price holds 13,800 the overall view remains bullish, with a deeper correction below the 50-day DMA at 13,713 needed to provide a more short-term bearish view.
S&P 500 moves sideways in consolidation pattern
Gains above 3920 have proven impossible to sustain this week for [indices:US500|S&P 50, but so far there has not been very much downside either. The tight range and sideways drift will have frustrated both sides, but overall, the uptrend is still intact.
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