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FTSE 100, DAX and S&P 500 all rally from overnight low

Indices dropped back overnight, but signs of some buying are evident as the new session gets underway.

FTSE 100 rebounds after weakness

While the FTSE 100 was unable to hold on to all the gains made yesterday, it has so for now avoided dropping below support to 5730. Further gains head towards 5850, and then on to 5900 and 5940, the latter being the high from mid-April.

If this latter level is breached then we have a higher high, confirming the current uptrend. Alternatively, bears need to break 5730, and then push below Tuesday’s low at 5625.

DAX remains in trading range

The DAX created a lower high yesterday at 10,600, but the price has once again begun to bottom out above 10,200, as it has done twice before this month.

A rebound targets 10,600, and then on to 10,800. Bears will want to see the price drop through 10,200 to suggest additional downside is in play.

S&P 500 edges up from overnight lows

The S&P 500 fell back overnight but for now has found support around 2760. Further gains head to 2850, and then to 2900.

Alternatively, a more bearish view would see the index below 2760, and then through key support at 2720.

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