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

Options expiration day has arrived, which could lead to some interesting moves in equities after a very bullish performance of late.

Inside a German stock exchange
Source: Bloomberg

FTSE 100 dips bought, but still struggles to push higher

Dips have been furiously bought since the 1 December low, but the index has failed to push on above 7000, remaining below the 7020 high seen at the beginning of the week.

A failure to push on above 7000 risks a return to 6950 and then 6900, but it will take a firm move below 6866 to suggest weakness is ahead. A close above 7020 would signal a test of the all-time high of October at 7134, with some resistance possible on the way at 7070.

FTSE 100 price chart

DAX December 2015 highs within reach

The index is now within easy distance of the December 2015 high at 11,433. A break above here would target 11,685 and then 11,810.

There is plenty of support in case of a drop back today, with 11,285, 11,184 and then 11,127 all standing in the way of a bigger move lower. A daily close below the last of these would be the first step in a sustained downtrend. 

DAX price chart

S&P 500 price drifts back

We have seen the index drift back from 2280, the high from Tuesday and Wednesday, but bears will need to get the price below 2250 to even suggest a bigger move lower is coming.

The next areas of possible support then becomes 2232 and 2224. Any rally through 2280 puts the index back in all-time high territory. 

S&P 500 price chart

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