FTSE 100 struggles but DAX and S&P 500 still on the up
Indices have gained over the week so far and bulls will be hoping that this continues now that we are in a new month and a new quarter.
FTSE 100 struggles below 6250
For the FTSE 100, gains this week have stalled at 6250, as they did last Friday. This tends to reinforce the near-term bearish view, potentially opening the way to more declines.
Rising trendline support from Thursday is being tested as the day gets underway in the cash session, with 6110 and 6070 as possible support levels in the event of a further decline. Below 6070, the 5950 lows from the middle of the month are the next target.
DAX still in rally mode
A steady climb has taken place since the Monday lows, although now the DAX has returned to the 12,400 area that has been a stumbling block for several weeks.
Above this, 12,600 is the next target and from there it is on to 12,900. A reversal below 12,200 breaks the sequence of higher lows seen so far this week, and opens the path to 12,000 and lower.
S&P 500 eyes trendline resistance from June peak
The S&P 500 price is heading rapidly back to trendline resistance from the June peak, with the 3110-3120 area likely to provide a hurdle.
Above this, 3160 and then 3230 become the upside targets to watch. Alternatively, a reversal below 3080 would perhaps signal a renewed move down from a new lower high, opening the way to 3000, where the index bounced at the beginning of the week.
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