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

Markets are on the up this morning, with key levels being tested on the DAX and the S&P 500. 

Traders within a German stock exchange
Source: Bloomberg

FTSE 100 seeks to test all-time highs

Dogged progress over the past few days has seen the index push back towards 7050, and indeed test the water above this level. If it can hold above here the way is clear for a new test of the 7130 area of early October, and then beyond this we would be operating in all-time high territory.

A turn lower could find support around 7000 and then down around the mid-month lows at 6940.

DAX appears overstretched

A steady move upwards in recent sessions has brought the index back to the 10,800 zone that marked the high back in August. Continued gains above this level would suggest a push back to 11,000 and then 11,440.

For the time being the index looks overstretched intraday, so a pullback could avail traders of fresh buying opportunities, perhaps nearer 10,700. 

S&P 500 bulls push index higher

The bulls are once again pushing the index above 2150, and if they succeed 2170 and then 2195 come into view. The 50-day simple moving average at 2159 stalled progress throughout September and October, so this needs to be breached as well.

Potential support remains at 2130 and then 2115 if the rally falters from here. 

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