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

Indices continue their recovery from the weakness seen on Wednesday, with the US leading the way.

FTSE 100 rebounds from support

The FTSE 100 held the 7490 support zone yesterday, as it did at the end of June.

Further gains will head towards the 50-day simple moving average (SMA) at 7649, and then on above 7700 to 7800. A close below 7490 and then below 7458 would open the way to 7340, support from late April.

DAX tiptoes higher from support

Here too late, June support has held, with 12,100 in this case allowing the bulls to build a near-term base for DAX.

The 12,400 zone may provide some resistance, and then above this the 12,700 area comes into play, with trendline resistance from the June highs around 13,100. A close above 12,700 would put the index on a much more bullish footing. A close below 12,100 opens the way to a retracement towards 11,700.

S&P 500 back on its rising trend

Yesterday’s rebound wiped out the losses from Wednesday’s session, and now a push back towards the 2864 high from earlier in the month looks possible for the S&P 500.

From here, the 2877 all-time high comes into play. A close below 2790 is needed to create a more bearish outlook.

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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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