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FTSE 100 weakens as DAX and S&P 500 look to resume their rallies

While the FTSE 100 has lost ground in early trading, the DAX has edged higher and US futures point to some recovery after weakness on Thursday and Friday.

FTSE 100 under pressure

The week has begun with further losses for the FTSE 100, which has fallen to its lowest level in three weeks, dropping below 6100.

Further losses in the direction of 6000, key support since early June, seem likely, with this morning’s lower high pointing towards a bearish outlook for the time being. A reversal above 6200 would be the necessary first step to suggest a more bullish view is emerging.

DAX still near recent highs

Here the losses have been much more contained, with the DAX still close to its recent highs.

A revival back above 13,000 would signal that the buyers are in charge once more. Further declines target 12,500, where the index found some support earlier in the month.

S&P 500 holds 3200

The S&P 500 has edged back from its highs from last week but has managed to hold above 3200 for the time being.

A push back above 3240 would suggest that another higher low has been created and that a move back towards 3290 is in the offing. Sellers will need to push the price below 3200 to resume the downward move and boost the bearish thesis.

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