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

Markets have begun the week on the front foot, as US markets continue to record new highs. 

FTSE 100 eyes near-term trend resistance

The FTSE 100 has fallen back from the highs of Friday, but is clawing back lost ground.

The short-term downtrend from the record highs remains intact, and a break of this would require a move above 7700. Above here, 7750 and then 7800 would come into play. Potential support comes in at 7600, followed by 7550 and then 7450.

DAX aims to push onwards

Given that it recorded a new record high last week, the DAX is in strong form.

However, 13,427 has become resistance once more, with 13,211 and then 13,095 as possible support. A move below 13,200 would create a new lower low in the short term, but in reality the uptrend only comes under threat with a move below 12,700.

S&P 500 resumes normal service

Having gapped higher, the S&P 500 is now moving back towards 2850 and potential support.

The 50 and 100-hour simple moving averages (SMAs) of 2850 and 2844 respectively, have proven key areas of support so far this month. 

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