FTSE 100 struggles while DAX edges back, but S&P 500 hits new record

Compared to other indices, the FTSE 100 continues to weaken, while in the US the S&P 500 has reached another record high.

FTSE 100 under pressure

The FTSE 100 continues to see lower highs, with the 100-hour SMA (simple moving average) at 7332 still holding back upward progress.

A fresh decline targets 7280, Thursday’s low, and then down to 7260 and the low established on Monday. Below this, 7240 and then 7150 come into view as possible support. A rally through 7340 would begin to improve the outlook for bulls, since it would break back above the most recent lower high.

DAX sees early weakness

Early trading has seen the DAX drop sharply, although it has yet to test the 13,130 area that has marked support over the past two weeks.

Below this, 12,950 is possible support. For the time being, the index is still in consolidation mode, with a rally through 13,300 needed to open the way to fresh upside.

S&P 500 still in an uptrend

A fresh record high for the S&P 500 reasserts the uptrend and the drop back so far only raises the prospect of another buying opportunity in due course.

Short-term rising support may come into play around 3085. Bears will have to wait as there is still no real sign that this market is about to turn lower over the next few sessions.

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