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

Overnight weakness has provided a possible dip buying opportunity in the short term, although caution persists ahead of the Federal Reserve meeting.

FTSE 100 recovers from pullback

The FTSE 100 suffered a sharp reverse yesterday, but the pullback formed a higher low and thus the rally remains intact.

Further gains target 7350, the highs from yesterday’s session. Renewed weakness below 7270 might suggest that a push back towards 7210 is a possibility.

Higher low supports DAX

A higher low has been created overnight for the DAX, holding rising trendline support from the lows of 14 March.

A renewed push higher targets 11,830, while a drop below the overnight low of 11,670 would suggest a push back to 11,610.

S&P 500 claws back losses

Already the S&P 500 is recovering its overnight losses, having managed to hold above 2820.

The bullish view remains intact unless it drops back below 2815. The near-term targets on the upside are 2852 and then 2869.

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