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FTSE 100, DAX and S&P 500 drop back after Tuesday’s gain

Indices have eased back from the gains seen yesterday and while the FTSE 100 and DAX are looking strong, the S&P 500 has been marooned below last week’s highs.

FTSE 100 still tiptoeing higher

The FTSE 100 has succeeded in eking out some higher highs, but it is the steady progression of higher lows that should provide some comfort for the bulls.

After rallying towards 6350 the price has come off, but the uptrend is still in place, and a higher low above 6200 should provide another possible entry point for longs. A reversal below 6150 would likely spell the end of the current bounce and given the shallowness of the gains over the past week, this index could easily move into a more bearish phase.

DAX eases off after yesterday’s rally

For the DAX, last week’s consolidation was finally resolved to the upside with yesterday’s push to 12,600.

The price has dropped back from there but is finding support above 12,400, and if this continues then we can expect a further push higher. Trendline support from the month’s low comes in around 12,360 in the event of another drop back, and bears will need to push the price back below 12,100 to signal that the outlook has become more congenial for them in the short term.

S&P 500 still held below 3150

The S&P 500 has not been able to keep up with big tech’s heady ascent and while the Nasdaq 100 has hit new highs, the S&P 500 has been unable to push on through 3160.

This is a negative development for indices generally and while the price has not yet pushed back to the lows from the end of last week, a more bearish view will gain strength if bulls cannot muster the strength to push on through 3160 and create a new higher high.

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