FTSE 100, DAX and S&P 500 all showing strong momentum
Indices are still moving higher, with the FTSE 100 and DAX eyeing up recent resistance as the S&P 500 keeps reaching new record highs.
FTSE 100 looks to break 7440 resistance
The push to resistance at 7440 is underway this morning, as the FTSE 100 builds on the gains made over the past week.
It has been a relentless bounce since last week’s low, so any retracement may not necessarily suggest a failure to push higher into December, but might be a buying opportunity. A daily close above 7440 is the key development to provide a much more bullish view.
DAX pushes higher
The DAX’s dip towards 13,200 found buyers, yesterday, as a brief pullback gave the chance for fresh bullish flow.
This morning, early gains are testing yesterday’s highs at 13,300, and a move above this then brings the 19 November highs below 13,400 into play. A daily close above this reinforces the bullish view and opens the way to 13,600. A more bearish view requires a firm drop back below 13,100.
S&P 500 climbs to new record
The S&P 500’s climb over the past week has been relentless, as trade hopes provide the catalyst for fresh buying.
Yesterday’s modest pullback provided a buying opportunity, confirming the current uptrend. A pullback towards 3110 would find support at the rising trendline from the 6 November low.
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