Levels to watch: FTSE 100, DAX and S&P 500
It was a tough day for indices yesterday, but the FTSE 100 is back at 7200 and the S&P 500 is picking up momentum again.
FTSE 100 reclaims 7200
The FTSE 100 has pushed through the highs of October 2018, providing fresh confirmation of bullish momentum.
A short-term pullback overnight has seen the 7190 area defended, and further gains target 7233 and then 7299, the 200-day simple moving average (SMA). The near-term sequence of higher lows would be broken with a move below 7190, but the overall bullish trend persists unless we see a move below 7064.
DAX tiptoes higher after reversal
Hopes of a continued rebound yesterday were rudely defeated, as DAX dropped back from 11,250, and further losses have been seen this morning.
The 10,914 and then 10,823 are potential support zones. A rebound above 11,250 would provide a more bullish view, bringing 11,400 back into play.
S&P 500 finds buyers again
While the S&P 500 has fallen back over the past two days, it remains in an uptrend.
A rebound from here would create a higher low and put the index on course to challenge 2760. From here 2800 comes into view. A close below 2720 would be another bearish development, but it requires a close below 2700 to suggest that the rally has run its course.
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