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

While indices have started the week with a small dip, some buying pressure is already being seen.

FTSE 100 at key breakout point

The FTSE 100 continues to be constrained by trendline resistance from the high in late August, with gains unable to hold above 7300.

Further losses bring near-term support at 7250 and 7220 into view, while a break above 7340 is needed to suggest that the bulls have wrested control.

DAX dips after recent gains

The DAX has bounced strongly over the past week, but the rally is seeing some weakness this morning.

Any dip that holds above 11,960 would likely be another buying opportunity, targeting the highs of last week at around 12,100, before heading to resistance at 12,160. Above here, 12,400 comes into play. A move below 11,960 suggests a deeper move back towards last week’s lows at 11,866.

S&P 500 starts the week on the back foot

A gap lower overnight brings the S&P 500 back to the lows of Friday’s session, around 2900.

A drop from here brings 2880 and then 2865 into view in the short term. Further gains would head back to 2910 and the highs from last week, before moving on to the all-time high at 2916.

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