FTSE 100 and DAX weaken but S&P 500 surges to new record
US indices are in strong form, but the same cannot be said of European markets, which are under pressure this morning.
FTSE 100 clings on above 7500
The FTSE 100 continues to drift below rising trendline support from the June low, although losses have been contained above 7500 for the time being.
Rallies to 7560 over the past week have run into resistance, so the index finds itself now in a 60-point trading range. Above 7560, the price heads to 7620. Further declines below 7500 target the 7450 zone in the first instance, then down to previous support at 7375.
DAX continues to push lower
A series of profit warnings this week have weighed on the DAX, with Daimler this morning causing another slump.
Rallies to the 50-hour simple moving average (SMA) at 12,377 have faltered, and lower highs and lower lows have been established since the first week of July. Further declines head to 12,250 and then 12,165. A rally back above 12,450 would help to reverse the short-term bearish view and suggest a revival of the longer-term uptrend.
S&P 500 at new record high
A fresh record high for the S&P 500 this week continues the bounce from 2960.
The next upside target may be 3030, while dips towards 2985 may find short-term trendline support from the 9 July low. The potential zones of support are 2960, 2940 and then 2910, in the event of a possible downturn.
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. 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. See full non-independent research disclaimer.
Seize your opportunity
Deal on the world’s stock indices today.
- Trade on rising or falling markets
- Get one-point spreads on the FTSE 100, 1.2 on the Germany 40, and 0.4 on the US 500
- Unrivalled 24-hour pricing
See opportunity on an index?
Try a risk-free trade in your demo account, and see whether you’re on to something.
- Log in to your demo
- Try a risk-free trade
- See whether your hunch pays off
See opportunity on an index?
Don’t miss your chance – upgrade to a live account to take advantage.
- Get spreads from one point on the FTSE 100, 1.2 on the Germany 40, and 0.4 on the US 500
- Trade more 24-hour indices than any other provider
- Analyse and deal seamlessly on smart, fast charts
See opportunity on an index?
Don’t miss your chance. Log in to take your position.
Live prices on most popular markets
- Forex
- Shares
- Indices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
