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S&P500

The S&P 500 continues to push strongly higher, and the market has seen a clear break above our next target of trend and Fibonacci resistance at 2234/38. While support at 2238/34 holds the immediate risk should stay higher for a clear break above 2250 for a move to trend resistance at 2272/80. We would look for better sellers to show on the first test of here. Support shows at 2241 initially. Below 2234 can see a deeper setback to 2220/18. The VIX has held support at 11.02 as expected and completed a near-term base above 12.30. A move above 14.72 is needed for a larger base.

sp500Long took profit at 2237/38 target. Go long again at 2240/38, place the stop below 2232. Take profit at 2272. Below 2232 would warn of a retreat back to 2218/08. Retry a long here, stop below 2201.


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FTSE100

FTSE has maintained its break above the downtrend from October, and we stay bullish for a test of the 6983/89 November highs. These are seen as the barrier to a move back to 7039/40, then the 7091/94 record highs. Support moves to 6891 initially, below which can see a pullback to 6860/52, which we look to ideally hold. Below 6852 can see a deeper setback to 6814/6795.

ftse100Long. Add on weakness to 6860/50, stop below 6838. Take profit at 6980/90. Reinstate above, for 7091/94. Below 6838 should see weakness extend back to 6815/05. Retry a long here, stop below 6795.

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