DAX about to rebound?
A push above 12,060 would be needed to suggest that we have the makings of a bigger rebound for the DAX, which would then suggest a move back to 12,120 in the first instance.
A break of 12,179 would end the sequence of lower highs we have seen since the beginning of April. Bears need to break below 11,956 to suggest more downside, with 11,893 and 11,850 then coming into play.
S&P 500 recovering
A steady recovery off the lows of the week has seen S&P 500 move back to the 50-day SMA (2358). Another push higher will put us back above this level, and see the index test the downtrend line around 2365.
Beyond this, 2370 and then 2378 come into play. A move back below 2350 could raise the prospect that bullish momentum has been lost and that a test of 2335 and then 2325 is on its way.