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

Indices have been lifted to a small degree by US-China trade talk news, but the gains so far are limited at best.

FTSE 100 little changed in early trading

Last week was a relatively negative one for the FTSE 100, which dropped back from a high of 7250 but then found support around 7150.

The overall picture remains positive, and if the index can continue to hold 7150 then another attempt to break 7250 seems likely. Having broken downtrend resistance from the August highs, the next target is the 200-day simple moving average (SMA) at 7283, and then downtrend resistance from the May record high, which would come into play around 7450.

FTSE 100 chart

FTSE 100 chart

DAX aims to build on gains

Having finally broken downtrend resistance from June the DAX now looks to challenge the 11,704 level, previously crucial support in the first quarter of 2018.

From here the 200-day SMA at 11,850 comes into view, followed by 12,102. Short-term weakness would be suggested by a move below 11,380.

DAX chart

DAX chart

S&P 500 looks to reclaim 2800

The S&P 500 is testing the 2800 level this morning, after yet more gains last week.

Dips towards 2760 over the past few sessions found support, so a move below this would be considered bearish in the short term. The next area to watch remains 2815, and a close above 2820 would show that the peaks of November and December have been cleared. From there the October peak at 2940 becomes the longer-term target.

S&P 500 chart

S&P 500 chart


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