Levels to watch: FTSE 100, DAX and Dow

European indices are starting to show some signs of weakness following recent gains, while the Dow continues to consolidate below key resistance.

FTSE 100 back at key support level

The FTSE 100 has weakened into the 7367 level this morning, representing both Tuesday’s low and the peak from 21 March.

A break below here would signal a short-term bearish picture coming into play as we retrace the gains seen since the 7145 low. A rally up through 7418 would be required to bring about a continuation of the recent bullish theme.

DAX starts ease back after sharp rally

The DAX has seen sharp gains over recent days, with the index hitting the highest level in five months. However, that bullish momentum seems to be waning somewhat, with the index falling below the 11,933 support level.

There is a good chance that this is simply a brief breather for the index, but we will need a break up through 11,977 to prove that. Until then, watch to see if we see any further weakness to bring us into a retracement phase.

Dow continues to consolidate below key resistance

The Dow Jones has been consolidating below the key 26,277 resistance level throughout this week, with markets attempting to ascertain whether this is a precursor to further gains or a topping pattern.

Watch for a break and close above the 26,300 mark to signal a bullish continuation, while an hourly close below 26,123 would bring about a more bearish picture.

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