Levels to watch: FTSE 100, DAX and S&P 500

FTSE 100 and S&P 500 build on strong weeks and aim to push higher. Meanwhile, DAX progress has slowed as it fails to break the range.

FTSE 100 looks to build on strong end to the week

Friday’s price action saw FTSE 100 push on above the crucial 7360 area, which had stymied progress for a number of sessions. Now the index needs to post a daily close back above 7448 to maintain its move higher.

Further targets at 7533, 7553, and then 7600 come into play. As the final weeks of the year begin, a strong pre-Christmas seasonal performance may help the index to keep on moving higher. A move back below 7350 is needed to invalidate the bullish outlook.

DAX still stuck in its range

The bounce here has carried DAX back to the top end of its trading range, with progress fizzling out around 13,211.

A close above here is needed to break the range and open the way to the November highs at 13,533. A failure to move higher means that a drop back towards the bottom end of the range at 12,844 is a possibility, with support possible on the way at 13,095 and 12,954.

S&P 500 eyes up new records

The S&P 500 and Dow Jones spent last week recovering from their recent losses, but now this index looks poised to hit record highs once again.

Only 2658, and then 2665, stand in the way of new all-time highs.  A turn lower will head towards 2604 and then 2597, while the rising trendline from the August lows tested in mid-November, could come into play around 2615.

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