Levels to watch: FTSE, DAX and S&P 500
After yesterday’s surge, indices are under pressure, with the DAX in particular suffering heavily in the wake of a poor German manufacturing PMI.
FTSE 100 still in an uptrend
Dips continue to be bought here for the FTSE 100, and an overnight drop towards 7325 may provide an entry point for fresh buyers.
Above 7370, the high from Thursday, the index will continue to head towards 7450 and trendline resistance from the all-time high. A move below 7260 is needed to provide a more bearish view.
DAX thumped by German PMI reading
The DAX had already looked weak this morning and a dire German manufacturing purchasing managers index (PMI) figure provided a catalyst for further selling. The low from Thursday, 11,450, is now in sight, and below this 11,415 comes into play.
Near-term rallies have run into selling pressure, so any bounce that fails to clear 11,620 remains another selling opportunity.
S&P 500 edges off new 2019 high
A fresh high for the year confirms the uptrend, and the S&P 500 is now less than 3% from its previous all-time high.
Dips towards 2810 remain possible buying opportunities, while near-term targets lie around 2869 and then 2940.
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