FTSE 100 and DAX turn higher while S&P 500 hits new highs

European indices are attempting to catch up with unstoppable US indices, with the S&P 500 kicking off the week at a new record.

FTSE 100 gains in early trading

The FTSE 100 dropped back last week, but the price is bouncing back above 7500 in early trading. Further gains head towards 7556 and then 7620, with 7580 providing resistance if the index rallies back to previous trendline support.

A continued rally above 7500 creates a new higher low, reinforcing the longer-term trend. A reversal back below 7483 would spell further weakness, targeting 7460 and 7370.

DAX begins to establish a higher low

After dropping back from year-to-date highs in the first two weeks of July, the DAX appears to have found support at 12,300.

A bounce from here needs to clear 12,408 and 12,480 to suggest more near-term bullish momentum, with a short-term target of 12,650. For long positions, a stop below 12,300 would provide an attractive level of risk reward. A daily close back below 12,300 sends the signal that more declines are likely, heading towards 12,190, the 50-day simple moving average (SMA).

S&P 500 begins week on a high

Having rallied through 3000, the S&P 500 continues to make gains. The next target is rising resistance at 3026.

Near-term pullbacks have found support at 2990 and then 2970. A move below 2960 is needed to suggest a deeper downturn is at hand.

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