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

Indices have weakened slightly, but the overall move higher remains intact.

FTSE 100 clambers above 7340

The FTSE 100 continues to edge through the 7340 zone of resistance, last tested back in late February.

Above here, 7391 comes into play, and from there the outlook would be more bullish. It would take a turn back below 7200 to really suggest the sellers are back in control.

DAX stumbles below 12,600

The DAX has faltered around 12,600 for the time being, but the outlook remains bullish.

A resurgence of upward momentum would target 12,600 and then 12,673, the 200-day simple moving average (SMA). Above here, 12,742 is the next target. A move below 12,400 would be a bearish development in the short term.

S&P 500 rally still intact

We have finally seen some weakness here for the S&P 500, but the uptrend is still intact.

The next target is 2740, the downtrend line from the record highs. While near-term support would be found at 2647.

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