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

The FTSE 100 is lagging behind European markets this morning, while US futures are moving cautiously higher.

FTSE 100 mixed in opening trading

The price of the FTSE 100 fell back from trendline resistance yesterday, but already there are signs of a rebound, as the price bounces from the 7415 area, which was supported yesterday and acted as resistance last week.

The new target is now 7460, with a breakout above this level heading towards 7560.

DAX looks to recover from losses

Two days of losses have been unwound to a degree, with the price of the DAX rallying from 11,850.

Further gains target 12,040, and then on to 12,300 and trendline resistance from the all-time highs. A deeper retracement below 11,850 would head towards 11,650 and rising trendline support from the December lows.

S&P 500 moves back towards 2890

After a pullback yesterday the price for the S&P 500 has rallied back above 2875 and is heading back higher.

Further moves higher target 2900 and then on to 2940. The bullish view persists unless we see a close below 2870 that then targets 2850.

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