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

Indecision reigns ahead of the Fed meeting, with indices unwilling to move too far in any direction.

Market data trader
Source: Bloomberg

FTSE 100 very hesitant

The FTSE's rally off yesterday's lows failed to take out its daily high above 7380. Overall the price has failed to push above the 7400 area that marks resistance.

However, the bears have yet to take out the 7259 low – it needs a close below this level to suggest that more losses are in store. For now, the rally is still intact, but pre-Federal Reserve meeting hesitancy has dominated all week and could continue to do so today.

DAX still stuck

The DAX is stuck in the middle of its recent range, but the lack of an attempt to break 12,068 suggests that a push to the lower end of the range, in the zone of 11,917-11,927, could be seen soon.

Bears will need to break through here to open the way to a bigger drop, with a first target at 11,800 a possible area of support. 

S&P 500 finds support

The S&P 500 dip found support around 2358, but the subsequent bounce was unable to keep moving to the recent high at 2380.

We wait for a break of 2358 to confirm the bears are in charge. If this line remains firm, then we could see a push back to 2400 in due course. 

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