FTSE 100 falters but DAX and S&P 500 still strong

The FTSE 100 is struggling in early trading, but the DAX and S&P 500 remain close to records.

FTSE 100 fails to join in the rally

The FTSE 100 stalled at 7550 last week, as it did earlier in the month. Losses on Thursday and Friday saw the price resume its fall, and while the price rebounded from the overnight lows, bullish momentum appears to be fading.

If the price establishes a lower high today (below 7475) then a bearish view remains in place, with a move below 7380 targeting 7270 and the post-December 2018 rising trendline (and 7230 below this, the late January low). A rebound above 7475 targets 7540, and would also see the price break trendline resistance from the January peak.

DAX shows no sign of stopping

We saw the DAX price recover from its Thursday weakness, maintaining the upward move into 13,800.

A breakout from here puts it in new record high territory. 13,708 and 13,600 are the first areas to look for support, while below this 13,200 and 12,954 come into play.

S&P 500 still at record

The S&P 500 ground out small gains last week, as the recovery from the January retreat continues.

Higher lows and higher highs on the hourly chart confirm strength, with a move below 3350 needed to really suggest a near-term retracement is underway. This might then bring the 50-day simple moving average (SMA) at 3264 into play, with 3220, the late January low, below this as possible support.

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