This information has been prepared by IG, a trading name of IG Markets 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.
FTSE 100 stuck at 7309
Overnight gains for futures have disappeared, and the FTSE 100 finds itself stuck below the 50-day simple moving average (SMA) at 7309. The peak was marked by 7309 from 26 April, after which the index moved back to support at 7192. We may see this play out once again.
A recovery to 7340 would help reverse the bearish outlook, although the price still has to break the downtrend line off the March all-time high that has stymied progress on the daily chart.