Levels to watch: FTSE 100, DAX and S&P 500
The DAX and US futures are perking up, but in London the FTSE 100 is still struggling.
FTSE 100 continues to struggle
The FTSE 100 continues to hold the 6800 area, but over the past 24 hours gains above 6840 have proven impossible to sustain.
A break below 6800 targets 6640. Any rally will need to hold above 6860 to suggest a bottom is in place.
DAX stages a rebound
Here the picture looks much better for bulls, with the DAX having found a bottom around 11,000 and then bouncing back towards the 11,300 peak from last week.
A breakout above here targets 11,383, the 100-day simple moving average (SMA), and then on to trendline resistance from the June highs around 11,580. A bearish view would require a daily close below 11,000 and any dip that holds above this level would be another possible buying opportunity.
S&P 500 begins to move higher
The S&P 500 found support earlier in the week around 2610, brushing the 50-day SMA (2608) from above.
Intraday lower highs have been finally broken, and it looks like a push above 2650 is in the offing, which will open the way to the 2680 high from last week. This would bring the downtrend line from October into play, around 2690.
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