The benchmark S&P 500 index pushed determindly up through the 1122 level of resistance last week (after may weeks of trying) closing the week at 1145.
If this is not a one or two week flash-in-the-pan (and there is little to suggest that it is) then the index could noww ramp up another 10% or so. In which case it is likely to drag the FTSE indices up with it.
Thus we can now look forward to the prospect of the FTSE 100 not only reaching the 5770 level quite soon but possibly exceeding it and moving close to the 6000 level. The FTSE 250 is not, though, now looking quite so robust although it is in process of breakingout above the 9610 resistance level. In fact, in the absence of any seriously bad news, the FTSE 250 could scrabble up to test the 10,500 level – but that is far from looking certain just now and the 10,000 level may prove to be its nemesis.
Overall though the picture presented by the charts is one of continuing uptrends on the major markets pushing share prices higher for a while yet.
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