DAX moves sideways
Fresh highs for DAX last week (near 13,100) have proven difficult to sustain, but the index has merely begun to consolidate at a slightly higher level, rather than seeing any significant downside.
The area from 12,881 to 12,954 should help provide support, while a drop below 12,881 would open the way to 12,678, the July high. A push above 13,100 puts us back in all-time high territory.
S&P 500 powers higher
The power of the S&P 500 was tested briefly last week, with a dip below the 50-period simple moving average (SMA) on the four-hour chart.
Since then, we have seen new highs. It needs a move below 2540 to even suggest a vaguely bearish outlook here. Unless the index moves below 2520, dips should remain buying opportunities.