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

Small losses dominate this morning, with indices retaining their generally bearish tone. However, with markets so quiet, we could see a drift continue into the long weekend.

Traders in a US stock exchange
Source: Bloomberg

FTSE 100 sees small recovery

A small recovery so far this morning has stymied the hopes of those expecting further losses. For now there seems little desire to push the price much lower than 6800, but if this level goes then a drop towards 6600 could be in the offing.

A move higher from here would need to push above 6960 to create a new high, clearing the way to potential resistance at 7060. 

FTSE 100 price chart

DAX heads lower

European markets have trimmed some of yesterday’s gains, and remain stuck in a downtrend. The bears will need to get the DAX below 10,500 to confirm they are still in control, although a move below 10,450 would be the real indication that a new lower low is in the offing.

A bounce would have to move through the August high at 10,825 to ensure that the summer uptrend remains in place. 

DAX price chart

S&P 500 creeping higher

The interminable quiet period for US markets goes on, with the S&P 500 still arguably pushing higher, but seemingly in ever-smaller increments. The index has essentially been rangebound since the second week of August, so we continue to watch the 2170-2195 area.

Any break lower would head towards 2150, while a push to 2200 would put the index back in all-time high territory once again. 

S&P 500 price chart

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