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

Stock markets are still looking strong, after steady gains over the past few days.

FTSE 100 rallies in early trading

The FTSE 100 continues to climb, testing the 7215 area that marked the peak just over a week ago.

This new higher high confirms the uptrend, and would bring 7240 and 7260 into play. Rising trendline support comes into play around 7170.

DAX stuck below 11,640

The DAX's gains this week have stalled at 11,640, but rising trendline support suggests that dips down towards 11,540 will find buyers and that a rally to 11,704 is in the offing.

The positive view continues to prevail unless we see a close below 11,460.

S&P 500 still in bullish form

A breakout above 2815 continues to elude the S&P 500, but steady gains have been seen over the past few days.

Steep rising trendline support has held over the past few days, but even a deeper retracement towards 2800 would still be a possible buying opportunity. A close below 2730 is needed to revive the bearish view.

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