Levels to watch: FTSE 100, DAX and S&P 500
Indices remain firmly in their uptrends, with recent weakness still being viewed as a buying opportunity for now.
FTSE 100 ready for more gains
The FTSE 100 successfully defended the 7400 area this week, holding above previous trendline resistance.
This successful retest of the trendline is exactly what bulls will want to see. Already the gains have begun, and we may see fresh buying develop. A push above 7460 targets 7490 and then on to 7530.
DAX bolstered by rising support
A potential ascending triangle is in place here, as the DAX is supported by a rising trendline from the 24 April low but remains unable to break above 12,350.
Above here and then 12,400, the index will head towards 12,600. A break below 12,270 would be a short-term bearish development, opening the way to 12,100.
S&P 500 steady at the highs
While the S&P 500 remains unable to push through 2940, it is also showing no desire to move lower.
Last week saw buyers enter around 2920, and rising support from the 18 April low at 2885 means that dips towards 2930 may find buyers. Below this, rising trendline support from the March low comes in around 2910.
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