FTSE 100, DAX and S&P 500 see upward momentum stall
Indices are struggling in early trading, as geopolitical concerns begin to weigh.
FTSE 100 hovers below 6200
The FTSE 100 remains skittish around 6200, showing no real desire to break and hold above this level.
This may increase the chances of a retracement, targeting 5900 and then 5650 in the first instance. Rising trendline support from 14 May low comes into play around 6105, while a move above 6250 revives the current uptrend, creating a new higher high.
DAX continues to climb
The bounce here for the DAX shows no sign of slowing either, with a retracement from the highs earlier in the week merely providing a possible entry point for longs.
A reversal would need to begin with a move below 11,450, which would bring 11,265 into view in the short term.
S&P 500 nears trendline support
Rising support may be tested here today as the S&P 500 retreats from its highs above 3050.
A move below 3000 breaks this trendline support, although we will need to see a lower high on the hourly chart early next week to provide some confirmation that a reversal is in progress. Further gains target the peak from earlier in the week, at 3070.
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