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

Indices have fallen this morning, denting some of Friday’s nascent bullishness. 

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FTSE 100 edges back from Friday’s highs

The FTSE 100 leapt higher on Friday, and is still holding on to most of those gains despite weakness so far today.

A close below 7530 would be a negative development, opening the way to 7340. Further gains will target the downtrend line from the all-time highs of May, which would suggest resistance coming into play around 7720.

DAX fighting to hold support

The DAX is struggling to push higher from 12,450.

A move below 12,400 could signal a move lower that will see more of the post-March gains given back. If 12,450 holds, then a move back towards 12,954 could be possible. Near-term resistance levels to watch are 12,605 and 12,777.

S&P 500 continues to edge lower

Last week’s low at 2732 is the first area to watch for support for the S&P 500.

A break below here would raise the prospect of a move towards 2676. Short-term areas to watch are 2765 and then 2781 as possible resistance. 

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