FTSE 100, DAX and S&P 500 all looking for further gains
Indices start the new week in strong form, with the DAX and S&P 500 in particular enjoying good gains over the past few sessions.
FTSE 100 pauses after strong week
Early trading has seen the FTSE 100 drop back from the 7340 area, the high from Thursday and Friday last week, but the overall move higher remains intact.
A move through 7340 and above the 100-day simple moving average (SMA) at 7331 would open the way to the September peak at 7440. Friday saw a dip to 7280 before a recovery began. If this holds then a bounce back to 7340 may begin. Below 7280 the price will head to 7240.
DAX stalls at resistance
Having rallied sharply over the month so far, the DAX remains in bullish form.
In the short term, we have seen a drop back from 12,954, but this may well resolve into a buying opportunity. A move below 12,600 is needed to suggest that the immediate move higher has run its course. Above 12,954, the price heads to 13,205, and then on to 13,601.
S&P 500 solidifies hold above 3000
The S&P 500 uptrend continues to gather strength, although the index has yet to make a firm push above 3030.
Such a move would put it back to new all-time highs and suggest further gains to come. Dips last week found support at 2980 and 3000, so these may be near-term support zones.
This information has been prepared by IG, a trading name of IG Australia Pty Ltd. 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.
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