Equities soared as cooling US inflation spurred hopes of a dovish Fed stance. On the daily chart, the FTSE 100 is holding onto its gains after a break above August’s high of 7560, while still remaining under pressure from this year’s highs around 7640. Support has been found at 7420, the junction between the base of a previous bullish breakout and the 30-day moving average. 7550 is the first resistance and a close above 7615 would resume the uptrend. A bearish breakout, however, would cause a correction to 7290.
