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

The FTSE 100 and the S&P 500 have resumed their march higher, while Europe continues to drift sideways. 

FTSE 100 looks to more new highs

There seems little stopping the FTSE 100, as it pushes on to fresh highs.

From a daily chart perspective, we would see weakness as a fresh buying opportunity, with 7705 and then 7600 as possible areas of support. Already, dips towards Friday’s lows around 7760 are finding buyers. 

DAX fights to hold support

While the DAX has not been able to make much upward progress, it has at least managed to hold the 13,211 area.

So long as this remains the case, the chance of a move higher to challenge the 13,400 area remains high. Above 13,400, the 13,533 zone comes into play, while below 13,211, 13,095, 12,954, and 12,844 are possible areas of support.

S&P 500 resumes its rally

The S&P 500 gapped higher overnight, and has spent the morning filling that gap.

However, the broad trend is intact, with the dip on Wednesday finding buyers. Pullbacks towards the 50-hour (2771) or 100-hour simple moving average (SMA) at 2760 are likely to find buyers.

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