DAX still unable to move higher
There has been little upward progress for the DAX, and while the buyers seem happy to defend the lows around 11,425, Thursday and Friday witnessed staunch resistance around 11,700. A break of this range is needed to establish the next clear direction.
Below 11,425, long-term rising support from the 2011 lows comes in around 11,120, and then below this, 10,823, the highs from late 2016, come into view. A rally above 11,704 would clear the path for a move back to 11,855 and then 12,102.
S&P 500 still below 200-day moving average
While the S&P 500 remains stuck below the 200-day simple moving average (SMA) of 2768, the price has been supported by buying over the past two sessions, with 2729 and then 2708 marking the lows at the end of last week.
Here, 2709 sits around the lows of May and June, so we may see a continued defence of this level. The limit of upside since Thursday has been marked by 2800, so a break above here, previous key support, would signify that the bulls are regaining control.