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

Markets have turned lower this morning, after an indecisive, range-bound day yesterday.

US traders
Source: Bloomberg

FTSE 100 takes early losses
Having spent yesterday in a holding pattern, we are seeing early losses for the index, although it needs a move below 6100 to shake it from the current trading range.

If downside momentum develops then we look to 6000 and the 50-day simple moving average at 5971 for support to develop, while below this the 5900 area comes into view. Upside moves are likely to be limited unless the index can muster a daily close above 6220.

DAX heads lower
The index has moved swiftly lower this morning, pushing back to the lows of 17 March, around 9750. Below this the next target would be the rising daily trendline, which has underpinned the rally for the past few weeks.

Support may thus be found around 9700. Price action below this suggests a test of the area around 9600 and then down to the 10 March low at 9400. 

S&P 500 looks to dip further
The move down in futures so far might be the beginning of another dip towards the rising trendline on the daily chart, with the possibility of support around 2033.

Below this 2020 and then 2000 come into view as potential areas where buyers may return in strength. The upside target is still the 2050 area, with a close above here taking the index on towards 2080.  

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