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

The FTSE 100 is already under pressure this morning, while the DAX is falling back from key resistance. 

Source: Bloomberg

FTSE 100 could drop to 6612

There seems a distinct reluctance for the index to go above 6800, with pre-market movements above this level swiftly met by fresh selling.

A failure to push on above 6800, and indeed above 6850, raises the prospect of a move back down to 6750 and potentially lower, towards 6612. 

DAX eyes 10,800

Yesterday’s rally failed to get the price back towards 10,800, so creating a lower high. It is beginning to look increasingly like this index is ripe for a move lower, towards 10,556 and then potentially below.

The 10,600 mark has provided some support over the past week, so we may see buyers enter around this level. A rally needs to clear 10,800. 

S&P 500 could move back to 2108

The index continues to crawl higher, but remains stuck below the 2016 rising trendline.

A breakout above 2190 is the crucial development that has been lacking. A failure to push on above here still risks a move back to 2140 and then 2108. 

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