FTSE 100, DAX and S&P 500 resume move higher
Indices have recovered from Tuesday’s drop, and have resumed their march higher.
FTSE 100 rebounds from Tuesday weakness
The FTSE 100 has continued to hold above 6500, continuing its stabilisation from earlier in the week.
Tuesday’s bounce to 6800 then lost ground, but a push back above this level would create a new higher high and suggest that the index is moving from consolidation to an uptrend phase. The bullish view remains in place unless we see a reversal back below 6500.
DAX stuck in a range
A range has developed over the past few days, as the DAX price oscillates between 11,700 and 12,200.
So far, a break higher eludes the index, but the current bounce from yesterday’s low might provide this. Above 12,200, 12,600 and 12,900 come into view as possible upside targets. A failure to move above 12,200 brings 11,700 into view once again.
S&P 500 recovers from selloff
The S&P 500 suffered a pullback yesterday, but has continued to carve out higher lows and a higher high, helping to maintain the bullish short-term view.
The recovery has a long way to go, but above 3130, 3200 then begins to come into view.
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