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

Indices remain weak, although the broader move higher from the March lows is intact. 

FTSE 100 takes a breather

Having cleared the 7340 highs, the FTSE 100 continues to move higher, but is encountering some resistance around 7390 and the 200-day simple moving average (SMA).

A daily close above here would open the way to 7800. A look at the four-hour chart suggests we could see some near-term weakness, given how momentum has begun to falter. However, the price would need to drop back below 7150 to really suggest that the bounce has run its course.

DAX continues to move lower

The DAX has seen a retracement over the past three sessions, testing support around 12,477, with 12,408 below this.

From here the 50-day SMA at 12,283 comes into view. A turn higher targets 12,672.

S&P 500 looks for support

Bulls will have been disappointed to see the S&P 500 retreat of the past few sessions, and for now it does conform to the progression of lower highs seen since the end of January.

However, buyers are stepping in around 2660 for the time being, with 2650 and 2628 as the next levels to watch for. Longer-term gains require a decisive push above 2750. 

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