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

The overall picture for indices remains positive, with the DAX in particular testing key trendline resistance.

FTSE 100 Source: Bloomberg

FTSE 100 holds 7150

The FTSE 100 has struggled to make further progress this week, but managed to hold the 7150 area over several days.

If this continues to hold then we look for a push back towards 7240 and then 7260. The loss of 7150 points towards a deeper retracement towards 7060.

FTSE 100

FTSE 100

DAX looks to breach trendline resistance

The June downtrend line was challenged yesterday for the first time since September yesterday, as the DAX moved back above 11,450.

While it was not able to maintain its gains, the rebound over the past two weeks has been impressive and doesn’t look like it is about to come to an end. Even a sharp drop towards 11,100 would find support from the December lows, giving the index the ability to attempt another break of trendline resistance.

DAX chart

DAX chart

S&P 500 pushes higher despite wedge formation

The S&P 500 continues to trade in a bearish wedge formation, having found resistance around 2800 earlier in the week, then falling back to support around 2764.

A break of this formation would be regarded as bearish, pushing the price back towards the 200-day simple moving average (SMA) at 2747 and then support around 2730. A break higher from the wedge targets 2820 and the highs from November last year.

S&P 500 chart

S&P 500 chart


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