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Levels to watch: FTSE 100, DAX and S&P 500

Some tentative signs of buying have been seen in indices this morning, although with the Fed decision later today it might be hard for the bulls to summon up the strength for a sustained rally.

FTSE 100 holds 6700 for now

The FTSE 100 holds 6700 acting as an area of buying pressure, with a dip below this yesterday seeing some bullish momentum develop.

However, we have yet to see a meaningful bottom form, and with a lower low created yesterday the index may yet move to test the 6640 support zone. A recovery above 6840 might provide a more bullish view. The next level to watch is 6520 if 6640 is breached.

DAX steadies itself above 10,700

Here dips below 10,730 have found buyers, but with lower highs at 10,920 and 10,840 the price of the DAX needs to breach this latter level to create a higher high.

A move above 10,800 would be a good first step for the bulls. Both 10,580 and 10,405 are near term targets to the downside.

S&P 500 tries to recover from late sell-off

The S&P 500 is still unable to stage a meaningful recovery in price terms, with the latter half of the US session usually seeing heavy selling pressure develop to counteract any early morning strength.

The index managed to hold support at 2530, so if this holds a short-term low may be created, although it will need a move above 2573 to break the series of higher lows seen over the past week. A daily close below 2530 spells more pain ahead, bring 2490 and 2420 into view.


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