Indices have had a strong week, and have made impressive gains, though caution persists ahead of today’s payrolls reading.
The index made big gains for a second consecutive day, and with a fresh bullish MACD crossover the buyers appear to be firmly in charge.The next stop is trendline resistance from the August record high, and then on the declining 50-day SMA, which the index has not challenged since early September.
The index has recouped a significant amount of the losses suffered in October, and like the Dax is now barrelling towards trendline resistance and then the 50-day SMA.Beyond these lies the 4392 peak from early October, and a close above here would solidify the bullish view.
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