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Levels to watch: FTSE 100, DAX and S&P 500

Indices are holding near Friday’s highs, with the DAX already pushing to a new record early on in the session.

Chris Beauchamp ChrisB_IG
Chief Market Analyst, London

Publication date : 2017-10-16T09:26:30+0100

Germany 30 traders

Source: Bloomberg

FTSE 100 upwards movements short-lived

The FTSE 100 continues to cling on near the 7553 zone, but moves above this level are, for now, short-lived. A daily close above here would suggest a push to all-time highs is in play.

Coming in as potential support are 7519 and then 7448, with dips into the second half of October likely to be viewed as buying opportunities, as the Q4 rally pushes on into November and December.

FTSE 100 chart

FTSE 100 chart

FTSE 100 chart

DAX maintains overall outlook

Friday saw the DAX hit new record highs, and while it has dropped back slightly, the overall bullish outlook remains firmly in place.

Given the shallowness of the pullbacks of late, it will take a move below 12,700 to seriously unnerve the bulls. Any pullback that remains above here is still a buying opportunity.

Germany 30 chart

Germany 30 chart

Germany 30 chart

S&P 500

It may be difficult for the S&P 500 to move seamlessly higher as it did in September, as earnings come through thick and fast in coming weeks.

While fresh record highs were seen on Friday, the sellers are holding back the index this morning. However, even a drop to 2500 does not necessarily imply extended weakness ahead.

S&P 500 chart

S&P 500 chart

S&P 500 chart

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