Levels to watch: FTSE 100, DAX and S&P 500

The FTSE 100’s rally continues apace, as does that of the DAX. However, US markets are still making heavy weather of their move higher.

FTSE 100 aims for more records

A new record high is a distinct possibility today for the FTSE 100, having briefly clocked a move to 7799 after the close yesterday.

Since the end of March, the 50-period simple moving average (SMA) on the four-hour chart has provided excellent support. A move below 7685 is needed to signal near-term weakness.

DAX edges off new high

A new multi-week high in early trading has been reversed, but 12,954 is potential support for the DAX in the near term.

Dips have been solidly bought for weeks now, and this should continue to be the case until we see a move below 12,800.

S&P 500 holds its ground

US markets had a mixed session yesterday, but dip buyers have come in to prop up the S&P 500 above 2700.

A push higher targets 2740, and then on to 2760. Below 2700, the 2682 and 2647 levels come into play. 

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