Levels to watch: FTSE 100, DAX and S&P 500

Indices are recovering, with the S&P 500 eyeing up the recent record. The FTSE 100, however, remains unable to make much headway.

FTSE 100 languishes thanks to strong pound

It remains apparent that sterling strength is the chief obstacle to upward progress for the FTSE 100, as has been the case for weeks.

Still, with 7300 still holding, it is not yet certain that the next move is lower. Below 7280, the 7260 and 7195 levels come into play. A longer-term rally still needs the daily close above 7360, which has eluded the index all week. 

DAX heads to top end of range

DAX has managed to push back towards the top end of the current trading range. It will need a daily close above 13,211 to confirm that we will see a fresh test of the all-time highs of early November.

If intraday dips are met by fresh buying, this will help reinforce the impression that further upside is on the way. A failure to break 13,211 would suggest the range remains intact, with shorts looking to push the index back towards key support at 12,844.

S&P 500 resumes normal service

The latest dip for S&P 500 appears to be resolving in favour of a test of the recent all-time highs.

The 2620 level held, so now we look to see if the price pushes on to 2658, and then 2665. Support is possible at 2620, and then 2604. 

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