The FTSE 100 index is up for the second consecutive day as stocks rebound. Futures tied to the index have jumped by 0.30% on Monday morning. This is in line with what other global index futures like the Dow Jones, S&P 500, and Nasdaq 100 index have done, having risen by more than 0.30%.
FTSE 100 shares news: Global stocks are rising as investors focus on the upcoming US infrastructure spending. Last week, Joe Biden attempted to accommodate concerns by Republicans and lowered the price tag of his package to $1.7 trillion. Still, Republicans want a narrow deal that will focus just on infrastructure like roads and bridges and not social issues.
The FTSE 100 is also rising after the strong economic data from the United Kingdom. Last week, data by Markit showed that the country’s manufacturing and services PMIs did well in May. This is in addition to the recent;y strong employment, retail sales, and inflation numbers from the UK.
This week, there are several top FTSE 100 shares to watch. Among them will be Ocado, the online retailer whose partner, Marks and Spencer (M&S), will release a trading update on Wednesday. Other companies that will publish their results are British Land, SSE, Aviva, Johnson Matthey, and Aveva.
FTSE 100 technical outlook
The daily chart shows that the FTSE 100 index has been in a strong upward trend in the past few days. It has formed an ascending channel that is shown in blue. It has also moved above the 25-day and 50-day exponential moving averages while the Relative Strength Index (RSI) is at the neutral level of 55. Therefore, the index will likely keep rising as bulls target the upper side of the channel at 7,175 pounds. However, if the bullish case fails to hold, there is a possibility that the index will retest the lower side of the channel at 6,835 pounds.