Levels to watch: FTSE 100, DAX and S&P 500
Indices are looking to stage a recovery, despite a difficult week so far that has seen gains hard to sustain.
FTSE 100 retracement eases near 7150
While we have yet to see any notable upside, the FTSE 100 may well be creating a higher low on the daily chart.
This week saw a dip to 7150, and while it has been notably volatile, the bulls have held this line over the past few sessions. This sets up the possibility of a renewed push higher that will target 7360 and higher in coming sessions. A more bearish view prevails with a move below 7150 that then targets 7080 and 7040.
DAX rallies off the lows
The DAX has clambered off the lows of the week, but upside has been constrained by trendline resistance from the 20 March peak.
A rally above 11,460 would be a positive development, but a daily close above 11,500 would be the sign that a higher low is in place.
S&P 500 fights to hold 2800
Dips down to 2785 have found support this week for the S&P 500, but an attempt to clear 2830 failed.
A trading range is now in effect, but a push above 2830 revives the bullish view and opens the way to 2860. Below 2780, the 2740 area comes into view.
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