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

UK markets have moved higher this morning, but European indices remain nervous ahead of the European Central Bank.

Source: Bloomberg

FTSE 100 eyes mid-August high

The index has moved swiftly higher this morning, after an indecisive day yesterday. It seems that the base for this latest bounce was formed around 6830, so that is the area of support to watch for today.

Further gains today could see the index test the peak from last week at 6930, and then beyond this the mid-August high at 6950. 

DAX could see 10,815

Caution is the watchword here today, in case Mario Draghi unveils any surprises. However, here too the rally goes on, with the price pushing above the August closing highs around 10,730.

The next target would be the intraday August peak at 10,815, while above this the late December highs at 10,885 come into play. This week dips towards 10,660 brought out the buyers, while below this the next target is 10,500 for the DAX.

S&P 500 could drop to 2150

US futures are nudging back to their August highs, with a breakout looking likely should the price manage to clamber through 2195.

Dips down towards 2166 should find support, while a drop through 2150 would signal that a bigger sell-off is underway for S&P 500.

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