FTSE 100 and S&P 500 look for further gains while DAX struggles at resistance
Overall indices are continuing to move higher, but the DAX has struggled to make headway as it nears trendline resistance.
FTSE 100
The FTSE 100's overall move higher from the September low is intact, although upward momentum has stalled around 7200.
A firm breakout to new highs continues to elude the index, but without a firm break lower below rising trendline support the outlook continues to favour higher prices.
DAX
After the leap higher last week the index has definitively stalled, failing to break trendline resistance and remaining below the 50-day and 100-day simple moving averages (SMAs).
While the price has yet to break Monday’s low, and with stochastics still rising, the bearish view is still in abeyance, but a drop below 15,400 would signal a new move to the downside.
Meanwhile, buyers will hope that the price can resume the move higher and on above 15,600 to break trendline resistance.
S&P 500
After clearing the late September highs the price has pushed on towards the 4550 record high. We look for gains above this level in due course.
It would take a reversal back below 4450 to suggest the sellers were back in charge.
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