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

Markets remain under pressure, and an empty macro calendar does not help the situation. 

New York Stock Exchange traders
Source: Bloomberg

FTSE holding 7500 for now

Buying the dips has been the way to go on the FTSE since mid-April, but the trend has begun to flatten out. Nonetheless, with a new high just two sessions ago, it is far from clear that the bulls have lost control. Instead, we should wait for a push below 7460 before becoming too bearish, as this would at least put us below the post-April rising trend. Potential areas of support are 7450 and 7385.

For now 7500 appears to be holding, and we could easily see this consolidation resolve into a fresh leg higher, once the big events of the week on Thursday are out of the way.

DAX awaiting the ECB meeting

The DAX returns in earnest after its holiday yesterday, and while it is under some pressure, it is still well above the April rising trend. Like other indices it nudged a new high on Friday, so it is still clear that the buyers are in the driving seat. Momentum remains positive on the daily chart, while on the hourly it is looking oversold.

However, the distance to the 200-hour simple moving average (SMA), around 100 points, suggests we could see a deeper retracement here, perhaps before the European Central Bank (ECB) meeting this week. Any breakout above 12,881 puts us back in record territory. 

S&P 500 remains in an uptrend

S&P 500 had one of its rare down days yesterday, but once again the declines were modest. The uptrend off the 18 May dip remains intact, and would suggest we could see a bounce from around 2428, but even then a bigger drop to 2401 would merely take us back to the previous all-time highs.

A short-term bearish move needs a close below 2420 to even get started. Unless this happens, dip buyers will probably still continue to prosper.

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