DAX falls back to previous high
The record high for DAX of 13,095 was reached back in the second half of October. The drop last week took the index back to this level, which continues to hold for now.
Below this, 12,954 and then 12,900 are possible support areas. The uptrend remains intact, so continued weakness remains a buying opportunity, unless we see a firm move below 12,500.
S&P 500 sails onwards
While European markets took a knock last week, the US barely noticed a downward move. A swift drop for S&P 500 to 2565 on Thursday brought out the buyers once more.
Therefore, it will be up to the bears to get the price back below this level as a first step to more downside. Below this, 2553 and then 2544 are possible areas of support.