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

Apple’s results have steadied the ship, and renewed bullish momentum is being seen across European markets. 

FTSE 100 hits new multi-week highs

There seems little stopping the FTSE 100 at present, as it pushes through to levels last seen at the beginning of February.

This sign of further strength continues to indicate that the bulls remain in charge, and a move below 7360 is needed to create the impression that the index has run out of upward momentum. Any dip that holds above 7360 remains another potential buying opportunity.

DAX keeps on climbing

The DAX has displayed fresh bullish momentum, but it needs to close above 12,670 to sustain this impression.

From here, 12,742 and then 12,954 come into play. Above this, 13,542 and then 13,601 and the all-time high are in view. A bearish turn requires a close below 12,300.

S&P 500 finds support

The S&P 500’s weakness yesterday held above the 200-day simple moving average (SMA) once more, and also above the lows of last week, at 2612.

We still have to see the index challenge the 2682 and 2718 highs, but if the latter can be breached then the index will have also broken the downtrend line off the January highs. Given that dips, such as yesterday's, continue to find buyers, it looks as if the overall upward trend will resume in due course. 

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