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FTSE 100, DAX and S&P 500 all moving upwards

Indices are still in rally mode, shaking off their weakness from the start of the week.

FTSE 100 renews its move higher

The FTSE 100 has continued to recover from the gap down at the beginning of the week.

Following some consolidation over the past 24 hours between 5800 and 5900, the index is now pushing back towards the top of that range. Above here the 6200 peak from last week comes into view, while a more bearish view requires a break below 5800 and then the creation of a lower high, while also breaking 5670.

DAX rally sustained by trendline support

Having closed the gap from the beginning of the week the DAX has moved higher, with a fresh move higher heading towards 10,900 and then 11,300.

Short-term trendline support from Monday has helped to prevent any downside for now, although a move below 10,600 would negate this more bullish view and bring 10,350 into view.

S&P 500 continues move higher

A straight-line move up from the low on Monday was interrupted late yesterday as the S&P 500 dropped back from 2900, but it has subsequently recovered, and a rally through 2900 would bring 2970 and last week’s highs into view.

A move below rising trendline support from Monday’s low, below 2850, would suggest some more near-term weakness, but bears need to break the cluster of possible supports at 2780, 2760 and 2730 to suggest a bigger turn lower is at hand.

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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