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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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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