FTSE 100, DAX and S&P 500 all recover in early trading

Indices have shrugged off yesterday’s weakness and have posted gains in the early part of today’s session.

FTSE 100 pushes up after Tuesday’s drop

The FTSE 100 dropped back sharply from yesterday’s peak, but has begun to recover early on in today’s session.

The price has recovered from a low at 7090, moving above 7100, creating a higher low from the 15 August low. A close above 7300 is needed to provide a more bullish outlook. A move back below 7020 solidifies a bearish view, targeting 6740.

DAX recovers from weakness

Yesterday’s pullback below 11,600 seemed dramatic for the DAX, but it only made a modest dent in the gains seen over the past few days.

The levels to watch on the upside are 11,770 and then 11,862, with a push above here generating a more bullish view. A failure to sustain recent gains and a move back below 11,500 would reaffirm the bearish view.

S&P 500 creates a higher low

After rallying over 4% since 15 August, the S&P 500 dropped back 1.3% yesterday. However, it created a higher low at 2892, and has seen gains in the early part of today’s session.

A move back above 2940 would suggest that a bullish view now prevails – a move back below 2890 negates that view and suggests more downside volatility, with support possible at 2820 and then 2770.

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