Indices on the back foot after recent gains
The new week has begun with losses, although this has only put a small dent in the gains made over the past month.
FTSE 100
After a month of gains the FTSE 100 is in retreat this morning, although only modestly, moving back from the highs seen at the end of last week and back from resistance around 18-month highs at 7218.
Whether this turns into anything serious remains to be seen, but a move back to the 50-day simple moving average (SMA) at 7092 may find support, or at 7037 where previous weakness in June was held for a time.
DAX
A surge to a new record high for the DAX last week, which briefly took the price above 16,000, has been followed up with a small drop in early trading.
Initial support could be found at 15,816, previous resistance, and then down towards the 50-day SMA at 15,639. A recovery of 16,000 hands the initiative back to the buyers.
S&P 500
Like the DAX, this index hit a new peak at the end of last week. A small dip so far this morning fails to put much of a dent in the bounce, but buyers may not want to press their luck too hard in the short-term.
Sellers however need to be careful too, a higher low and higher high in around a month reminds us that this rally is still strong, and weakness is likely to be short-lived, with 4392 and then the 50-day at 4339 potential support.
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