FTSE 100 struggles while DAX and S&P 500 move higher
While the FTSE 100 is still unable to clear recent resistance, the DAX and S&P 500 are both looking poised for more gains.
FTSE 100 still stuck below resistance
Yet again, the FTSE 100 has failed to clear 6300, dropping back from this zone of resistance after reaching it earlier on in Tuesday’s session.
For now, however, the price has found support around 6150, as it did last Friday, so a fresh rally may yet see 6300 challenged again. Below 6150, the price heads towards 6080 and then 5950. A more bullish view requires a daily close above 6300.
DAX rallies from 12,500
The DAX appears to be finding support again around 12,500, as it did last Friday.
Having recorded a new higher high at the beginning of the week, the pullback from 12,800 to 12,500 may provide a fresh buying opportunity. Further gains target 12,800 and then on to 12,954. A more bearish view requires a much deeper retracement, moving back below 12,300 and then the establishment of a lower high on the hourly chart.
S&P 500 carves out new higher low
The S&P 500 seems to be establishing a higher low at 3140, as it eases back from the peak of Tuesday’s session at 3190.
Further gains target this recent high, and then on towards 3240. Alternatively, a reversal below 3120 could signal some more near-term weakness, potentially giving back more of the rally from the late-June lows at 3000.
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