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

European markets are mixed on the open, but losses have been contained so far, while US markets look to target their previous record highs.

FTSE 100 drops sharply on the open

The steady push higher over the past week or more is under some pressure this morning as the FTSE 100 drops back from a new high for the year.

However, the overall direction of travel remains intact, with rising trendline support coming into play around 7480. Below this, 7440 and 7390 are areas of possible support.

Sideways movement in DAX

The DAX retreated from the new high for the year earlier in the week but has found support around 12,190.

Fresh gains target 12,270, and then on to trendline resistance at 12,300. Beyond this 12,408 comes into view, while a drop below 12,160 would suggest a move back towards 12,100 and then 12,030.

S&P 500 hits new closing high

A new closing high for the S&P 500 yesterday means that the index now just has to take out the intraday highs from October to be in new territory.

Rising trendline support from the March lows comes into play around 2900. With overall breadth at new record highs as well there seems little sin that the bullish momentum has run its course.

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