Dax reached our target of 6171/75 before heavy selling pressure resumed exactly as we had predicted it would. If we cannot get back above 6155 then we could start to correct lower today. Below 6130 signals a move towards 6010/01 where we could see buyers attempting longs today. However stops below 6094 could then keep prices tumbling further with a test of 6164/54 then likely although this should be enough movement to the downside today so look for a bounce from here. Only below 6040 sees further weakness to 6027/16 next.

Above 6155 gives scope for a test of last week's highs at 6175/79 and this should remain hard to beat so sellers will attempt shorts here once again in the hopes of capping the market before a correction lower. However if we do break higher then we should be on the way to 6207/10 before 6218/26. Then only a break of 6235 allows for further gains to 6247/49.

Euro Stoxx broke above 2730 towards our target of 2776/78 which contained the upside. Below 2740 should see the market test good support at 2734/32 with buyers attempting longs here and adding down to 2725. Look for a bounce back from here today but stops will need to be activated below 2720 as this should lead to further losses with 2708 then the next target. Any further losses could test 2695 which should be an excellent buying opportunity today.

Bulls need to see a break above that 2776/78 area for a move to 2795 on the way to trend line resistance at 2819/21 today. Sellers will see this as their opportunity to force a ceiling in prices today so watch for profit taking and the risk of the market tumbling lower.

FTSE hit the target of 5451/53 and then turned sharply lower but bounced back towards the highs on the close. If we cannot hold above 5425 then look for a test of better support at 5395/90 and there is a good chance of a bounce from here. Buyers may wish to add down to 5380. However stops below 5375 could then send prices down to 5359/54 next which should be enough on the downside for today. If it does fail then look for 5329/25.

Only a break above 5453 allows prices to continue the run higher with 5494/98 the next target. Above 5512 would then see bulls moving forward as they chase 5542/50 today.