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FTSE struggles to pass 6600
The 6600 level is a sticking point for the FTSE right now, with profit-takers showing little will to allow the momentum to continue through this metric. The 100-hour MA at 6593 has been tested but, until we see a break and close through here, we may have to contend with sideways action and a rangebound trade with support coming from 6550. Support below that come in at 6500
Should we see a rally upside, the indices could target the 6630 level.
DAX runs out of steam
The 9200 level provided a nice foot up for the DAX, yet the index has now run out of steam at 9360. Any daily close through here targets the confluence of the 50- and 100-daily moving average at 9460, while a move back through the support puts us on a return journey to the 200-DMA at 9150.
The H4 chart shows price action in a downward channel from the 9720 highs, so we would ideally like an intraday break of the trendline resistance around 9360 to move higher from here.
Dow Jones sees overall up trend
The 100-DMA is capping upside in the Dow Jones for now, and the index has been unable to make a break through the 16,200 level.
The overall trend is up for this index – only a break and daily close through the 15,800 level would argue against this.
A fall through 16,000 targets the 15,860 level, while any break out of the current tight range between 16,107 and 16,160 could push us quickly towards 16,318, then 16,400.