The information 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 Bank S.A. 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 and as such is considered to be a marketing communication.
FTSE pushes through 6830
A close through this level could see the index make a move towards the recent highs.
One could expect that the 6825-30 level will now act as support, but any significant moves back through could be viewed with suspicion and would technically see the price action back in the bearish four-hour channel. The 6770 level remains the key support.
DAX targets 9785
The DAX has recovered admirably from the selloff last week, and now finds itself above the 9720 level which we targeted yesterday from the 9580 lows.
Any deviations below will likely find support at the 9704 level with 6685 and the rising 200-hour MA coming in below that.
A break through 9743 targets the 9785 level.
Dow must tackle 16,570
The Dow Jones had a serious run in the aftermath of the Federal Reserve minutes overnight, so it will be interesting to see if we can push through the 16,600 level today towards recent resistance at 16,618.
The 16,570-80 juncture needs to be taken out first though; the short-term price action momentum indicated the market had become a little too high too fast, and while below the 200-hour MA we may see a pullback to 16,530 in advance of an additional leg higher.