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

Indices are looking strong as Q3 comes to an end, with the uptrends still firmly intact.

Germany 30
Source: Bloomberg

FTSE 100 recovery intact

FTSE 100’s consolidation over the past four sessions seems to be resolving to the upside, with bulls solidifying their hold above 7300. The targets to watch on the upside are the 7400 and then 7450, while the rising trend from the lows of September would suggest dips towards 7280 will continue to be bought.

Only a move below 7271 can really turn the outlook bearish once more. 

DAX takes out July peak

The DAX has pushed above the July highs of 12,678, with yesterday’s close above this level cementing the bulls’ hold over this market.

Dips back to 12,500 or even 12,400 remain buying opportunities, with a close below 12,300 needed to definitively reverse the bullish outlook here.

S&P 500 back to all-time highs

The S&P 500 high from Wednesday, 2511, is all that stands in the way of the index now.

The outlook remains resolutely bullish as we head into Q4, traditionally the strongest quarter of the year, with dips still buying opportunities. Support lies at 2491, 2474 and then 2450.

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