Stock markets make headway in morning trading
Indices are edging up, although weakness in the mining sector is limiting gains for the FTSE 100.
FTSE 100
The zone around 7130 continues to provide resistance to any upside for the FTSE 100, as the price drops back from this level in early trading. This zone remains a barrier to additional progress towards 7200.
However we have seen higher lows since the end of September, providing continued bullish impetus and bolstering expectations of a move above 7150 in due course.
DAX
The index continues to form a base above 15,000, with little upside so far. An initial push higher today could see it challenge recent highs around 15,300.
The index’s ability to hold above the 200-day simple moving average (SMA) of 15,100 remains a comfort for buyers and a frustration for sellers.
S&P 500
After falling over the previous three days the index has stabilised, but buyers will need to see a bounce above 4400 to provide further evidence that a rebound is in play.
Selling has stalled for now at 4330, but further declines bring 4280 into view.
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