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

European markets held their ground yesterday, with a recovery for the FTSE 100 and DAX off their early lows. 

DAX
Source: Bloomberg

FTSE 100 steady above 7400

Having seen the FTSE 100 knocked back sharply on Wednesday, Thursday saw the bulls step in to restore the uptrend, creating a new higher low.

An early turn lower from 7420 indicates that this is the first level to break for further upward progress. A close below 7360 is needed to signal that a bigger retracement to 7294 is on the way. 

DAX bounces back above 13,000

DAX reclaimed 13,000 yesterday, with a higher low being created here as well.

Now, the 13,095 and then 13,200 areas are the ones to watch, as the index looks to push back to all-time highs. The lows of the previous two weeks continue to hold, so this reinforces the view that the path of least resistance is higher.  

S&P 500 back at all-time highs

US markets return for a half day, with the S&P 500 having held close to its latest record highs.

Potential support is to be found at 2565, and then 2544 in the near-term. 

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