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, DAX and S&P 500 still cautious ahead of Powell testimony

Key testimony on monetary policy from the head of the Federal Reserve has kept markets in check, with indices still off the highs seen last week.

FTSE 100 declines slow for now

The FTSE 100 has continued to fall, although it remains above rising trendline support from the May low.

A move back above 7556 would be a positive development, and suggest that the price is headed back to the 7620 high seen last week. A drop below 7520 could see the loss of rising trendline support and result in a push to 7450.

DAX heads towards 12,400

Having fallen below rising trendline support from the May low, the DAX has continued to decline, heading to support around 12,400.

Below this, the price will target 12,170. A move back above yesterday’s lower high at 12,477 is the first step in any rebound for the index.

S&P 500 steadies after rallying off the low

Buyers came in late yesterday to push the S&P 500 off the lows, although the gains have stalled since then.

However, the index has now established 2960 as support, and a move back above 2990 would provide more upward momentum. A return to 2960 could see support tested again, and also then test rising trendline support from the mid-June low.

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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