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

Oil news is the driver today, and while indices have recovered some of their losses from yesterday, it is still not clear whether they will push higher.

New York Stock Exchange
Source: Bloomberg

FTSE 100 finds its buyers

Yesterday’s dip to 6730 brought out the buyers, so for now it looks like we will see some near-term strength, especially with month-end looming. However, the price has broken firmly below 6800, and we will need to see a move above 6840 to reinvigorate the move higher.

A failure to cross above 6800 could see fresh selling develop, potentially taking the price back down to 6730, with a close below here opening the way to support at 6612.

DAX leaps higher

Oil news has prompted a leap higher in early trading, ending the brief sojourn below 10,600. So far the index is showing little inclination to push decisively lower, but as before, any rally still needs to clear 10,800 on the daily chart to renew the upward move.

Additional resistance at 10,707 could also stymie progress. Bears need to get the price back below 10,600 to suggest that further declines are on the way. 

S&P 500 stalls, but refuses to dip

Upward S&P 500 momentum has dried up, but so far there is little desire to move below 2200. The 2210–2220 zone has still to be broken, so for now shorts can rest easy.

A new month may see a change here, and if 2200 is broken, then 2180 and 2162 come into play. 

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