Can the bulls keep control with 7250 resistance looming

We have another decent dividend today (20.48 points) in the FTSE 100 today which will help underpin the bulls for this session. We got the drop back last night to the 30m chart support at 7145 which held well and has seen an overnight rise to the 7200 level, and the bulls will be looking to break past the 7220 recent high as that opens up 7250. It's possible that this leg may well get as far at 7350, as we held the daily support at 7110 well Monday and Tuesday. The bottom of the Raff channels and the 25ema were very well defended.

Initially the bulls will be looking to break 7200 as we have R1 and the key fib here. If the bears do appear here then we should get a drop down to the 2h support level at 7173, and I would expect that to hold today. 

If the bears break that then the daily pivot at 7154 is the next main support, with the 7120 level below that were we have S1 and the recent low. I am not expecting us to get that low though. The 30m coral remains green with 7166 as support on that now, and we are also back above the 200ema at 7172. The bulls will certainly try and defend this cluster of supports.

The S&P500 isn't quite looking so bullish as the 2 hour chart on that remains bearish with 4464 resistance from both the Hull MA and the coral line which is red. As such the bulls will need to break this level, whilst maintaining a defence of the 4445 level where we have the daily pivot. Should they break higher then that bodes well for a lot more upside. The bottom of the 10d Raff channel is at 4423 should the bears break it down, and S1 at 4413 would be their target. Its up to the bulls today really and they need to come out fighting. 

The Dax looks good for a drop down to the pivot, green coral and 200ema at 15880 initially, and has resistance to start with at 15981. The 2h chart is also bearish to start with with 15950 resistance so we may well get an initial drop on that to start with today as well. 

So, thinking a dip and rise again for today, similar to yesterday and the bulls will not want to throw away the rise from 7110 from yesterday. Not sure it will last till the end of the week though as the tapering talk could drive the S&P down a bit. Good luck today.