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

European indices have started the week in more positive form, after a mixed US session. However, a light calendar and fast-approaching quarter-end will make this week a choppy one for markets. 

Data
Source: Bloomberg

FTSE 100

The index needs to push on beyond 6170 in short order to avoid the possibility that it is heading back towards 6100 and then on towards 6000.

The current range remains unbroken, so moves back to 6220 will bring out sellers, while buyers will look to defend 6100. Until these levels are firmly breached the rangebound chop will go on.

DAX

The two elements to watch here are the area around 10,000-10,100, where gains have stalled of late, and then the rising trendline off the February lows (currently providing support around 9800).

We wait for a break of these to establish the next direction for the index

S&P 500

Yesterday’s session started well but then saw the index unable to sustain its momentum. It needs to recover 2050 to confirm that the temporary dip is over.

Such a move would also put it above the downtrend line from the November peak. If it moves below 2040 then support may come into view around 2020, and below this 2000. 

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