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

Small losses have been seen in indices, and while the uptrends are firmly intact, more downside is possible in the near term.

FTSE 100 pullback continues

The FTSE 100 remains under pressure, falling back towards 7400 and potential support from the now-broken downtrend line from the record highs.

Further declines head towards 730 and then down to 7287 and the 50-day simple moving average (SMA). A break above 7460 restores a more bullish view.

DAX stuck below trendline

Gains have stalled below trendline resistance, and a break above 12,310 is required to set the DAX on course for fresh highs for the year.

Below 12,240 the index heads to 12,200 and then 12,000.

S&P 500 edges back from highs

A modest retracement goes on here, as the S&P 500 drops back from the 2940 area.

Buyers defended 2915 yesterday, previously resistance in mid-April. Further declines below 2910 will target the 2890 area. A rebound towards 2935 restores the course towards new all-time highs.

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