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

Indices have recovered this morning, but we are still yet to see the breakout in Europe needed to confirm renewed bullish momentum.

US trader
Source: Bloomberg

FTSE 100 brings out fresh buyers
The endless chop in this index goes on, with little able to dislodge it. The early move back to 6200 this morning merely leaves it at the top end of its current range, with a close above 6220 still needed to confirm fresh bullish momentum.

However, it looks as if dips back towards 6150 and even 6100 will still bring out fresh buyers. The story here remains the same as for most of this month – until 6100 or 6220 is firmly broken, the range-bound trading will go on.

FTSE 100 daily chart

DAX looks to push upwards
​This index is also back to the top of its range, with the area around 10,100 seeing bullish momentum fade over the past two weeks. Dips continue to be bought, so as long as the daily trendline holds, as it did yesterday, we should look for the (apparently) inevitable push through 10,100 towards 10,500. 

DAX daily chart

S&P 500 continues its uptrend
Gains above 2050 have so far been difficult to come by, but the uptrend is still there for the index, so it makes sense to wait for dips as and when they arise. Targets around 2080 and then 2100 still remain valid, while it will need a move below 2020 to confirm that the rally is at an end. 

S&P 500 daily chart

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