CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure. CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure.

FTSE 100 draws away from resistance, as DAX and S&P 500 edge sideways

Yet again the FTSE 100 has failed to clear 6300, while the DAX and S&P 500 are seeing bullish momentum fade for now.

FTSE 100 fails at 6300 yet again

A rally through the 6300 resistance zone continues to elude the FTSE 100. Yesterday saw the price fail to make much headway, with gains faltering below 6280.

A deeper retracement now brings 6200 into view, and then down to 6080. A more bullish view requires the price to clear 6350 to ensure resistance has been broken.

DAX edges higher

By contrast the DAX has shown no sign of similar weakness.

Admittedly, it has yet to push through the higher high from Wednesday’s session, but it continues to cling on above the 50-hour simple moving average (SMA) of 12,884. If the price clears 13,000 then it will form a new higher high, while a deeper pullback could see the 200-hour SMA at 12,701 tested once more.

S&P 500 continues to drift

The S&P 500 has failed to make much headway over the past 72 hours, although the uptrend from the 29 June lows is still intact.

For now however bearish momentum is building as the price fails to clear 3220, and a deeper pullback heads towards 3130, where recent weakness over the past three weeks has found buyers.

This information has been prepared by IG, a trading name of IG Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.

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