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

Indices are still under pressure, although the broader move higher from October’s lows is still intact.

FTSE 100 under some pressure

The FTSE 100 continues to drop back from the highs of Thursday’s session, suggesting a near-term top has been created.

Any drop that holds above 7025 is still a higher low, however, so the bullish view is not entirely negated. A move back above 7100 targets the 7180 area, and then on to 7220 and then 7280.

DAX slumps to support

This week has seen the DAX try for a second week to break above 11,650, but for the time being this still eludes the bulls.

The support zone was at 11,420 earlier in the week, so if this plays out again a bounce back to 11,650 could be in the offing. A close below 11,400 would mark a more bearish development.

S&P 500 tiptoes downwards

The S&P 500 has edged lower from the mid-week high, but the rally is still firmly intact.

Last week’s high at 2760 might provide some support, while below this 2720 comes into play. Further gains target 2820, and from there on to 2877.

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