Indices edging into the red in early trading
Indices are weakening in morning trading, with European markets looking weaker than US futures at present.
FTSE 100
Yet another attempt to clear 7100 has failed, with the FTSE 100 dropping back from this area of resistance that has held since the middle of May. Previous dips such as we are seeing this morning have turned into dip-buying opportunities, so we will see if the same thing plays out today, but trendline support is already under pressure at 7060. The continued failure to break 7100 does bolster the short-term bearish view, with a drop below 7000 strengthening that outlook.
DAX
A small retracement from the latest record high above 15,700 merely looks to be the necessary prerequisite for a higher low in due course. Even small dips for the DAX over the past two weeks have been bought, so we will need a bigger move below 15,500 at least to suggest that the gentle drift higher of late May and early June has come to an end.
S&P 500
The S&P 500 clambered higher in the wake of non-farm payrolls but we have seen progress stall over the past two sessions. Nonetheless, it remains within 20 points of the most recent record high. A breakout to new highs would not be difficult to achieve, and would put a fresh bullish gloss on the outlook. Sellers need to get back below 4180 to suggest that the recent run of higher lows has been reversed.
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