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

Indices are firmly off the lows of the week, but with so much data on the calendar today the rally has faltered.

FTSE 100 on the up once more

The FTSE 100 continues to claw its way higher, pushing above Tuesday’s high overnight.

Rising support from the March lows would come into play around 7580, while a push above 7650 brings the 7700 area into view, with 7706 as horizontal resistance and 7700 as declining trendline resistance. Moves above 7650 have been short-lived of late, so bulls need to step up soon to avoid a more bearish picture emerging.

DAX buyers struggle to find momentum

We saw the DAX move above 12,500 overnight, which is being reversed to some extent this morning, but overall the bullish picture remains intact.

Rising trendline support from the 2 July low would suggest that a move back towards 12,400 would find buyers, while possible targets to the upside include 12,562, then 12,954.

S&P 500 still stuck below 2740

While the S&P 500 has fought its way off the lows, gains continue to be constrained by the 2740 area.

Rallies into this zone have been pushed back as effectively as the dips towards 2690 have found buyers over the past two weeks. A close above 2750 is needed to secure the bulls’ hold on the index and start a move to 2790.

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