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

Dip buyers may have their chance with a FTSE 100 and DAX retracement, while the S&P 500 just keeps on going. 

FTSE 100 stumbles but creates an opportunity

The FTSE 100 has created a lower high over the past week, faltering at 7750.

Buyers have come in to defend the 7620 area, although sterling strength is making upward progress difficult. The rally needs to clear 7720 to be assured of a break higher. Further support is possible at 7600, and then 7550.

DAX creates new higher low

Having fallen back from this week’s record highs, the DAX has found some support around the 50-period simple moving average (SMA) on the four-hour chart (13,361).

A turn higher from here creates a fresh higher low that leaves the uptrend from the month low intact. Below 13,360, the price will target 13,134, and then down to 12,800.

S&P 500 resumes its march higher

There is little to add here aside from the observation that the relentless grind higher goes on for S&P 500.

A dip down to 2823 has found buyers, and we look for a fresh push to all-time highs.

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