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FTSE 100, Dax and S&P 500 all holding close to recent highs

European markets continue to edge lower, while the S&P 500 remains pinned near recent highs.

FTSE 100 edges lower

The FTSE 100 continues to drift down, with no sign of any short-term reversal to the upside yet in sight. Further declines take the index back towards the 6600 area, which acted as resistance in the second half of December. Below this the rising 50-day SMA, currently at 6451, comes into view. A possible bullish wedge formation is also in play, with a breakout above 6780 triggering a new move to the upside.

Dax declines continues

A possible bull flag is in play here, as the DAX drifts back from last week’s record high. Further declines within the channel will bring 13,601 into play, and then the rising 50-day SMA at 13,353. A breakout above 13,980 would point towards a new bullish development, targeting gains above last week’s high.

S&P 500 stuck in tight range

The S&P 500 has seen little in the way of movement so far this week, remaining close to record highs but with no sign of bullish momentum developing. Yesterday’s small dip to 3777 found buyers, but gains above 3810 have stalled.

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