The FTSE 100 is edging higher, while US markets find themselves caught between last Friday’s payrolls and tomorrow’s inflation data.
For the moment, the 50-day simple moving average continues to provide support, halting any further decline in the short term. Selling last week petered out at 7600, so a close below this level would be a bearish development.In the short term, the 7700 and then 7770 levels are initial targets to watch in the event of a renewed move higher.
A drop below last week’s low of 38,452 would then see the price test the 50-day SMA. The index has not touched the 50-day SMA since early November, a remarkable run. Below this lies the previous record high at 37,825.A close back above 39,000 might signal a break of trendline resistance, and open the way to the 39,287 highs from late February.
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