FTSE 100, DAX and S&P 500 all still rallying
Indices have opened the week with more gains, as the US-China trade war moves towards a partial resolution.
No stopping the FTSE 100
The rally continues, as the FTSE 100 heads back to the 7440 resistance zone of the past few months. We are already seeing gains in early trading, as bulls drive the price higher.
A daily close above 7440 is still needed to open the way to a more bullish view, with 7555 and then 7640 coming into play following a break higher. As before, a failure to break 7440 suggests a retracement towards 7200 and the lower end of the recent range.
DAX builds on Friday’s gains
The DAX dropped back from Friday’s high, but already buyers are returning to revive the rally. Further gains target 13,450, and then on to 13,600.
Last week’s bounce off the 50-day simple moving average (SMA) at 12,990 provided a firm foundation for gains, and since then short-term trendline support has seen higher lows develop – a pullback towards 13,300 might hold, or alternately 13,250 and then 13,100 come into play.
S&P 500 back to new highs
Phase one of the trade deal is all but done, and the rally goes on. The S&P 500 has shrugged off Friday’s late decline, and has now set its sights on clearing 3185 and a return to new all-time high territory.
3160 and then 3135 are possible areas of support, while a deeper retracement towards 3130 would encounter possible trendline support.
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.
Take a position on indices
Deal on the world’s major stock indices today.
- Trade the lowest Wall Street spreads on the market
- 1-point spread on the FTSE 100 and Germany 30
- The only provider to offer 24-hour pricing
Live prices on most popular markets