Risk-on moods can be spotted on the markets today. Equities in Europe and China traded higher earlier today and now solid gains can be spotted on Wall Street as well. Upbeat comments from the Chinese Prime Minister on additional stimulus measures being implemented starting from July as well as solid US data earlier today are supporting upbeat sentiment on the markets.
German DAX futures (DE30) found their way back above the 16,000 pts mark this afternoon. Index tested 15,850 pts support zone yesterday but failed to break below. Bulls managed to hold the index above the upper limit of the upward channel. Bullish candlestick patterns suggest that a recovery move may be on the cards now. In such a scenario, 16,090 pts area will be the first near-term resistance to watch.
DE30 at D1 interval. Source: xStation5
US indices are trading higher today with S&P 500 futures (US500) breaking above 4,400 pts area. Taking a look at the index at H1 interval, we can see that price broke above the upper limit of the bearish channel and 50-period moving average (green line). Advance continued and bulls managed to break above the 4,400 pts resistance zone, where the upper limit of market geometry was located, flashing another sign that a short-term bullish trend reversal occurred. The next resistance zone to watch can be found in the 4,427 pts area and is marked with previous price reactions.
US500 at H1 interval. Source: xStation5
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