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

Indices have dropped back from highs, but the overall bullish view remains.

FTSE 100 stuck below 7700

The FTSE 100 has struggled to make much progress in the past three days, unable to push on above 7700.

A close above 7687 would be a good first step and raise the prospect of a move on to 7700 and higher. A bearish view would require a close back below the 7570 support zone.

DAX sees bounce off the lows

The DAX has dropped back from the highs of the week, although the uptrend from the lows of the end of June is still intact.

Buyers have come in to defend the 12,600 level so far, and if this remains the case then a move back to 12,800 and higher is possible. A drop below 12,600 would suggest a test of support around 12,400.

S&P 500 still in steady uptrend

This week has seen the S&P 500 record a new higher high in its move upwards from the March lows.

A recovery back above 2803 would then suggest a move back to 2816 and the highs of the week. From here, 2877 comes into play. A deeper retracement possibly finds support around 2730.

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