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

Indices are recovering this morning, after big downside moves yesterday. 

FTSE 100 stays above previous lows

The FTSE 100 was knocked back sharply yesterday, but it held above the lows from last week.

An oversold reading on the four-hour chart has seen buyers enter, with a return to Monday’s highs at 7258 being the first target, and then on to 7300 and 7343. Below 7100, 7060 and then 6983 come into play.

DAX creates new higher low

Here too the pullback for DAX found buyers and created a higher low, with the 12,450 level coming into view once again, and then on to the 12,551 resistance level.

Below 12,110, 12,051, and then 11,908 come into play.

S&P 500 retracement comes to an end

A shallow retracement from Monday’s high for the S&P 500 appears to have run its course, with a resumption of the move to 2800 looking likely.

Above this, 2877 comes into play. A turn lower would target the rising trend from the February lows at 2720.

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