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

A small dip in the opening minutes of the session is already being reversed, pointing towards more gains for indices. 

Data trader
Source: Bloomberg

FTSE 100 not moving in any direction

The past two sessions have seen little in the way of upward progress, but neither have we witnessed any real downward move on the FTSE.

Some weakness in mining stocks is weighing on the index this morning, but we could see support enter the frame around 7450, should the sell-off gather a little momentum. Below this, we would look towards the post-April rising trendline, which might suggest a drop towards 7400 itself. A revival of bullish sentiment would see a push back to 7500 and then to 7533.

DAX needs a move higher

Early losses this morning have so far been reversed, with a small dip to 12,620 seeing buyers come back in. We have a modest uptrend on the hourly chart from the lows of last Thursday, with higher lows being bought.

Still, the DAX has yet to really move meaningfully higher, with a move above 12,700 needed for this to begin in earnest. 

S&P 500 close to new all-time high

A 2% gain in barely a week has finally run out of steam, for now at least. The S&P 500 is back at 2400, barely seven days since it left it.

All that stands in the way of a new all-time high is 2401 and then 2403. We could see dips towards 2390 or 2380 in the short term, with an increasing possibility that consolidation, rather than correction, is the outlook here. 

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