Technical Analysis - DAX 30 and S&P 500

The DAX ran into some resistance around 7440 to 7460. The 76.4% retracement of the forgoing downward move is there and the highs from February. Today's action could be the start of some consolidation. A break above today's highs on a closing basis would be very bullish. Support should be at 7310/7320 and below there 7230/7250.

The S&P 500 reached a very interesting level after that impressive rally. The uptrend from the March 2009 lows on a logarithmic scale is around 1340/1345 so maybe this was just a bearish retest of the broken trendline.

On a shorter timeframe the S&P 500 also reached the 76.4% retracement of the foregoing downtrend. Moreover there is a significant resistance area between 1340/1345 as you can see on the chart below. At this level the S&P 500 has been rejected four times since February. Ideally the S&P 500 will consolidate but does not break below 1294.