FTSE 100 and DAX gain while S&P 500 edges off the lows
The FTSE 100 and DAX are moving higher while US futures point to a recovery of some of Friday’s losses.
FTSE 100 still holding 7500
Dips to 7500 continue to find buyers for the FTSE 100, with a descending triangle formation now in play as the index encounters descending trendline resistance from the July peak.
A close below 7480 would mark the break to the downside needed to build bearish momentum, while a move back above 7600 signals that the buyers are back in control.
DAX begins to show bullish momentum
While July has seen the DAX lose ground, it has rallied off the 50-day simple moving average (SMA) at 12,211.
A continued bounce would head towards last week’s peak at 12,454, and then to 12,650. A move through 12,350 would be a good first step. A drop below 12,165 would see the price below the mid-June low, and suggest that rising trendline support from the December low will be tested.
S&P 500 stabilises after falls
Friday saw the S&P 500 drop back sharply, putting it below rising trendline support from the mid-June low.
If the price fails to regain 2980 then a more bearish view may develop. This would then open the way to 2960 and 2940. A bullish view prevails if the price can move back above 2990, and then clear 3010, the lower highs created last week.
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