FTSE 100, DAX and S&P 500 rallying in early trading
Indices have begun the week with gains, helped by the return of US markets from their long weekend.
FTSE 100 finally finds some upward momentum
While 6250 has held back the market in recent weeks, it is the area around 6340 that will need clearing in due course if the FTSE 100 is to stage another longer-term push higher.
As noted previously, while upward progress has been lacking over the past four weeks, the index has managed to avoid much downside, holding above a rising 50-day simple moving average (SMA) of 6108. Above 6350, the index targets 6530 and the peak from early June. A bearish view requires a reversal below the 50-day SMA.
DAX resumes its march towards 13,000
A fresh push towards 12,954 for the DAX and the high from early June is underway, with a move above here establishing a new higher high.
If this and 13,000 is cleared then the index is well on its way to retesting the peak from late February at 13,820. In the short term, a reversal below 12,200 is likely to signal the end of this push higher.
S&P 500 returns to work with a bang
US indices are back today after their long weekend and already futures are in strong form. A rally towards 3330 for the S&P 500 seems on the cards as the ongoing move higher enters a new phase.
Having established support around 3020 in June, the index now has a higher low in place. A more bearish view requires a drop below 3010, and for now it looks like the buyers are firmly in charge.
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