We start the new trading week with the tone still supportiveUK 100, DailySPREADEX:FTSEhilsdentradingWe start the new trading week with the broader tone still supportive for equities after Friday’s strong finish, but I think today is more likely to be about follow-through versus digestion rather than a straight-line trend day. Last week’s weaker US payrolls data reduced rate-hike expectations and helped risk assets finish the week on the front foot, with global equities posting one of their strongest weeks since May. Gold also found support from the softer dollar and lower yields, so the picture going into today is a little more balanced than it was earlier in the week. For me, the main question today is whether the indices can build on Friday’s strength without immediately giving it back. The FTSE and DAX both still look constructive, and the S&P 500 remains in a broader uptrend, but after the recent push higher I wouldn’t be surprised to see some early consolidation before the next directional move. Gold is the one market that has improved the most from a tactical point of view, but I still want to see whether buyers can actually hold onto last week’s rebound rather than simply produce a short-covering bounce.