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Levels to watch: FTSE 100, DAX and S&P 500

European markets are under pressure again, but in the US indices are holding on to their gains. 

CFDs are a leveraged product and can result in losses that exceed deposits. Trading CFDs may not be suitable for everyone, so please ensure you fully understand the risks and take care to manage your exposure.

FTSE 100 drops below 7700

Monday’s breakout seems but a distant memory, as the FTSE 100 falls back below 7700 and towards the trendline it broke at the beginning of the week.

The failure yesterday to break 7772 signified that a deeper retracement was likely, and that is what we have seen so far. A break back below 7660 would be a bearish development.

DAX rally turns sour

The surge at the beginning of the week has proven to be a false dawn for now, although the DAX is still 200 points higher from Friday’s lows.

A recovery back above 12,850 would send a positive signal, raising the prospect of another test of 12,950. If the price falls below 12,742 then we could see a push back towards 12,600.

S&P 500 stuck below 2790

There has been little in the way of weakness here, but a close above 2790 still eludes the S&P 500.

A move below 2750 is needed to suggest a more bearish outlook is at hand. Above 2790, 2803 and then the 2877 high will come into view. 

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CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.

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