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

Indices have dropped back from highs, but the overall bullish view remains.

FTSE 100 stuck below 7700

The FTSE 100 has struggled to make much progress in the past three days, unable to push on above 7700.

A close above 7687 would be a good first step and raise the prospect of a move on to 7700 and higher. A bearish view would require a close back below the 7570 support zone.

DAX sees bounce off the lows

The DAX has dropped back from the highs of the week, although the uptrend from the lows of the end of June is still intact.

Buyers have come in to defend the 12,600 level so far, and if this remains the case then a move back to 12,800 and higher is possible. A drop below 12,600 would suggest a test of support around 12,400.

S&P 500 still in steady uptrend

This week has seen the S&P 500 record a new higher high in its move upwards from the March lows.

A recovery back above 2803 would then suggest a move back to 2816 and the highs of the week. From here, 2877 comes into play. A deeper retracement possibly finds support around 2730.

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This information has been prepared by IG, a trading name of IG Markets Limited and IG Markets South Africa Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. International accounts are offered by IG Markets Limited in the UK (FCA Number 195355), a juristic representative of IG Markets South Africa Limited (FSP No 41393). South African residents are required to obtain the necessary tax clearance certificates in line with their foreign investment allowance and may not use credit or debit cards to fund their international account.

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