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

European markets suffered last week, but are attempting to rally as the new week gets underway. 

Source: Bloomberg

FTSE 100 takes a knock

The steady pullback for the FTSE 100 over the past few days saw the index hit the 7427 zone of support that held back on 25 October. For now, this remains in place.

Any move higher will potentially find resistance at 7500, and then 7533. Below 7427, 7409 and then 7336 come into play. 

DAX falls back to previous high

The record high for DAX of 13,095 was reached back in the second half of October. The drop last week took the index back to this level, which continues to hold for now.

Below this, 12,954 and then 12,900 are possible support areas. The uptrend remains intact, so continued weakness remains a buying opportunity, unless we see a firm move below 12,500.

S&P 500 sails onwards

While European markets took a knock last week, the US barely noticed a downward move. A swift drop for S&P 500 to 2565 on Thursday brought out the buyers once more.

Therefore, it will be up to the bears to get the price back below this level as a first step to more downside. Below this, 2553 and then 2544 are possible areas of support. 

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