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FTSE 100, DAX and S&P 500 rally off Thursday lows

Indices have moved off the lows of Thursday’s session, although both the FTSE 100 and DAX are at risk of creating lower highs.

FTSE 100 stages a recovery

Having staged a bounce from the lows yesterday it will be interesting to see if the FTSE 100 can maintain this move and push higher. However, we have seen lower highs since Wednesday, at 5950 and 5890, and if the bounce from yesterday’s lows fails to recover 5900 then further losses may be in store.

These declines will head towards 5660, and below this a lower low is created. However, the index has now bounced from 5660 twice in a month, so this is a key level for both sides to watch.

DAX rebounds from lows

The DAX bounced from the lows of Thursday's session too, but gains may be stalling at the 50-hour simple moving average (SMA) of 10,470.

For the time being, the sequence of lower highs is firmly in place, but if the price can hold above 10,400 or even 10,300. Thereafter, a more sustained recovery may be in play, targeting 10,700 and then 10,900. Alternatively, a renewed push towards 10,200 could take place, an area that has seen significant support since early April.

S&P 500 rallies through trendline resistance

Another recovery for the S&P 500 has caught investors by surprise, with a substantial rally from Thursday’s lows taking out trendline resistance from Tuesday’s peak.

Further gains target 2900 and then 2950. Alternatively, a pullback targets 2810 and then 2770.

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