FTSE 100 and DAX still moving higher, but S&P 500 remains rangebound
European indices continue to leave their US peers behind, marking a radical departure from the norm of the past decade.
FTSE 100 butts its head against 7600
This week has seen the index stall at the 7600 level once again, mirroring the price action of early June and November.
However, the bounce from the December low around 7340 remains intact, and the bullish view remains in place unless we see a move back below 7400 at the least.
Below this the 200-day simple moving average (SMA) comes back into play as potential support.
A fresh move higher targets 7600 again, and then on to the post-pandemic high just below 7700.
DAX rally back in action
The index has surged over the past three days, reviving the uptrend from the October lows.
Additional gains now target the 14,600 zone, which acted as resistance in November and December 2022. Above this the 14,880 zone from March is the next target.
Sellers will want to see a move back below the 50-day SMA (currently 14,074) to suggest that the bullish move has run out of momentum.
S&P 500 stuck in a range
US indices continue to lag behind, and while the FTSE 100 and DAX push higher the S&P 500 remains stuck below its late-December high.
The index finds itself stuck in a zone between 3750 support and 3890 resistance. For the moment there is little sign of either buyers or sellers gaining enough control to provide a break of the range.
Above 3890, the index would target the 3920 zone that formed support in November and December. A more bearish move below 3750 would see the index test 3700.
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