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

A small rebound off the lows has yet to change the overall bearish picture of the last few days.

FTSE 100 targets recent resistance

The FTSE 100 is pushing back towards 7285, where gains stalled last week. Further progress targets 7370 and 7420.

If a new higher low is created, then the bullish view is reinforced. A failure to break above 7285 might suggest that a move back to 7140 is possible.

DAX rebounds from 11,800

A bounce from 11,800 for the DAX has yet to suggest that a low is in for the time being, but further gains above 12,000 would begin to support this impression.

The next target in any move higher is 12,200, and above this a new higher high is created. A new push lower targets the 11,800 area once again.

S&P 500 edges off recent lows

A modes recovery is underway for the S&P 500, although the outlook is yet to become more bullish.

The push to 2850 seems to have stalled, and a lower high may be created, targeting 2800 and then lower. A move above 2850 targets 2880.

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