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FTSE 100, DAX and S&P 500 under pressure at the start of a new week

Indices ended last week on a poor note, and while they have tried to rally in early trading, investors remain cautious overall.

FTSE 100 holds above recent low

The FTSE 100 was unable to hold its gains on Friday. So far today, the index has managed to avoid any fresh downside, while also remaining above the lows seen last Thursday when it briefly tested the rising 50-day simple moving average (SMA) at 6061.

If we are in the process of seeing the formation of a higher low then the next move for the index is a move above 6220, breaking trendline resistance from the early-June high. This brings 6500 into view. A more bearish view requires the price to move back below 5950, which formed support earlier in June.

DAX struggling to rally after recent losses

Last week saw the DAX drop back from 12,600, with Friday’s session seeing little in the way of sustainable bullish momentum.

The index is fighting to hold 12,000 in early trading, rallying from this level with a move above 12,300 likely to provide a more near-term bullish view. Further declines head towards 11,600, the lows from mid-June.

S&P 500 below 200-day SMA

The S&P 500 has moved back below the 200-day SMA (3024) over the past two sessions, but remains above the 50-day SMA (2986).

Descending trendline resistance comes into play around 3100, with a move above here signalling a more bullish move is in play. Additional downside targets the mid-month low at 2940, previously resistance in late April and early May.

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