Levels to watch: FTSE 100, DAX and S&P 500
While the overall rally continues, early trading in Europe has seen some small losses.
FTSE 100 clambers through resistance
The FTSE 100 continues to make heavy weather of its attempt to break through trendline resistance, but it does appear to have achieved this for the time being, breaking above 7460.
Fresh gains target 7560 and higher, while rising trendline support from the lows of 11 April continues to hold back further losses.
DAX forms rising channel
An ascending channel has been formed over the past few sessions, with the DAX likely to drop back to find support around 12,050.
Above 12,120 the index heads towards 12,170.
S&P 500 edges towards previous highs
Yesterday’s S&P 500 retracement towards 2900 found buyers and the recovery then moved to 2911. The next targets on the upside are 2919 and then 2940.
A break below short-term rising support at 2907 would be potentially bearish, targeting 2880 and 2875.
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