Levels to watch: FTSE 100, DAX and S&P 500
While the FTSE 100 remains close to recent highs, the same cannot be said of the DAX and S&P 500.
FTSE 100 back to recent highs
The FTSE 100 has pushed back to 7360, which has held back progress over the past four sessions.
Above this level, 7410 is a key level, being support in late April and resistance in early May. Potential support is found at the Tuesday low around 7320, while further declines would target 7270.
DAX in retreat from recent highs
This DAX has been unable to maintain the bullishness seen in the FTSE 100 – Tuesday’s high at 12,180 was a lower high, as the decline from last week’s peak at 12,300 continues.
Lower highs at 12,250 and 12,180 are now in place, so a push above at least the latter of these is needed to reverse the negative short-term view. Further declines head to 12,000, and then the 11,840 area that marked the low early last week.
S&P 500 stuck below lower high
The buyers have failed to create a new higher high for the S&P 500, although the sequence of higher lows is still intact for the time being.
Key areas of resistance in the near term include yesterday’s high at 2870, and then on to the area around 2890 which halted progress at the end of last week. Possible trendline support from the May low comes into play around 2845. A close above 2870 would ignite a move higher.
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