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

Optimism has returned across indices, after dip buyers stepped up to the plate yesterday.

Source: Bloomberg

Buyers keep the FTSE 100 from more downside

The FTSE 100 found plenty of buyers down towards 7230 yesterday, mirroring the price action from the end of last week.

If this holds as support then near-term upside targets are found around 7340 and then on to 7490. A break below 7230 is needed to suggest the sellers are back in charge, bringing the 7120 area into play again.

DAX buyers come to the rescue

Things were looking quite negative for the DAX yesterday when the price dived below 11,900, but as we saw on Friday there was plenty of buying appetite at these levels.

A bounce towards 12,100 is now a possibility, and above here 12,400 comes into view.

S&P 500 back above January high

It looks like a recovery is firmly underway here, as the S&P 500 moves back above the January high and sets itself on a path to the August all-time highs around 2916.

A bullish view now prevails unless and until we see a close below 2865.

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