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

Indices are looking to stage a recovery, despite a difficult week so far that has seen gains hard to sustain.

FTSE 100 retracement eases near 7150

While we have yet to see any notable upside, the FTSE 100 may well be creating a higher low on the daily chart.

This week saw a dip to 7150, and while it has been notably volatile, the bulls have held this line over the past few sessions. This sets up the possibility of a renewed push higher that will target 7360 and higher in coming sessions. A more bearish view prevails with a move below 7150 that then targets 7080 and 7040.

DAX rallies off the lows

The DAX has clambered off the lows of the week, but upside has been constrained by trendline resistance from the 20 March peak.

A rally above 11,460 would be a positive development, but a daily close above 11,500 would be the sign that a higher low is in place.

S&P 500 fights to hold 2800

Dips down to 2785 have found support this week for the S&P 500, but an attempt to clear 2830 failed.

A trading range is now in effect, but a push above 2830 revives the bullish view and opens the way to 2860. Below 2780, the 2740 area comes into view.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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