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

Indices have fallen this morning, denting some of Friday’s nascent bullishness. 

FTSE 100 edges back from Friday’s highs

The FTSE 100 leapt higher on Friday, and is still holding on to most of those gains despite weakness so far today.

A close below 7530 would be a negative development, opening the way to 7340. Further gains will target the downtrend line from the all-time highs of May, which would suggest resistance coming into play around 7720.

DAX fighting to hold support

The DAX is struggling to push higher from 12,450.

A move below 12,400 could signal a move lower that will see more of the post-March gains given back. If 12,450 holds, then a move back towards 12,954 could be possible. Near-term resistance levels to watch are 12,605 and 12,777.

S&P 500 continues to edge lower

Last week’s low at 2732 is the first area to watch for support for the S&P 500.

A break below here would raise the prospect of a move towards 2676. Short-term areas to watch are 2765 and then 2781 as possible resistance. 

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