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

The boards have turned green across markets this morning, as a nascent rebound gathers strength.

FTSE 100’s rally enters a new day

The FTSE 100 has gained almost 4% from Friday’s lows, and is testing the area around 7110. If it can maintain its hold around here, then intraday dips become buying opportunities.

We have seen higher lows since Friday, which is another positive sign. Above 7130, the price targets 7220.

DAX retests recent highs

We have seen the DAX test the 11,426 area over the previous two sessions, and it is trying once again this morning.

The index has climbed steadily from its lows last week, and for the time being dips look like buying opportunities. Upside targets lie at 11,700 and then 11,856. A move below 11,200 would suggest a renewed push to the lows just above 11,000.

S&P 500 tries to clear 2700 again

Monday saw the S&P 500 rally above 2700, but then fall back again. If it can clear this area from here, a near-term bottom may be in place.

Above 2709, the price will target 2800. A failure to hold above 2700 would risk a return to 2630, or even the Monday lows at 2603.

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