Risk ON mode is back on the market. Surprisingly you can only see that on stocks and indices. On gold, not so much, which is actually really interesting. Nevertheless, rises on the biggest global indexes is a fact. Gains are supported by the technical analysis too, which should give additional confidence.
We start with the S&P 500, where buyers used a small pennant formation. Index broke the upper line of this pattern yesterday, which gave us a legitimate buy signal. Chances that we will see new long-term highs soon are pretty high.
Now DAX, which made use of the flag formation, which we mentioned before in one of our analysis. The flag is a trend continuation pattern, so no surprise that it resulted in the breakout to the upside. The situation here is very similar to this one on the S&P 500, so bullish.
The last one is FTSE, where we also witnessed the bullish breakout from the flag formation. From the technical point of view, the recent rise comes from the false breakout from the big head and shoulders pattern. The price did break the neckline but downswing stopped on the crucial horizontal support. Since that, the price is mostly climbing higher. June is definitely great for this British Index.