FTSE 100 weakens as DAX and S&P 500 look to resume their rallies
While the FTSE 100 has lost ground in early trading, the DAX has edged higher and US futures point to some recovery after weakness on Thursday and Friday.
FTSE 100 under pressure
The week has begun with further losses for the FTSE 100, which has fallen to its lowest level in three weeks, dropping below 6100.
Further losses in the direction of 6000, key support since early June, seem likely, with this morning’s lower high pointing towards a bearish outlook for the time being. A reversal above 6200 would be the necessary first step to suggest a more bullish view is emerging.
DAX still near recent highs
Here the losses have been much more contained, with the DAX still close to its recent highs.
A revival back above 13,000 would signal that the buyers are in charge once more. Further declines target 12,500, where the index found some support earlier in the month.
S&P 500 holds 3200
The S&P 500 has edged back from its highs from last week but has managed to hold above 3200 for the time being.
A push back above 3240 would suggest that another higher low has been created and that a move back towards 3290 is in the offing. Sellers will need to push the price below 3200 to resume the downward move and boost the bearish thesis.
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 40
- The only provider to offer 24-hour pricing
Live prices on most popular markets