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FTSE 100, DAX and S&P 500 fail to make gains

Indices have seen almost no upward progress this week, as markets pause following strong gains in the first week of June.

FTSE 100 held below recent highs

Gains have stalled over the past week, and the FTSE 100 finds itself stuck at the mid-May highs around 7350.

The failure of the attempted push higher so far sends a bearish message, with perhaps the 7330 low from Wednesday the last hope for the bulls in the short term. Below this a deeper retracement towards 7200 may come into play. A close above 7420 is needed to revive the bullish view.

DAX suffers in opening trade

The DAX has fallen sharply in early trading, with the second attempt this month to push through 12,200 running out of steam.

Near-term support this week was 12,060, but below this, 12,030 and 11,900 come into view. A break above 12,200 is needed to revive the more bullish view.

S&P 500 drifts sideways

Gains above 2900 have proven impossible to sustain for the S&P 500, although the current price action still looks more like consolidation after the strong move higher.

A dip towards 2870 early in the week found buyers, so while the price has failed to make upward progress, there appears to be strong buying pressure. A move above 2900 targets 2950.


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