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Levels to watch: FTSE 100, DAX and Dow

Weakness overnight in response to the FOMC minutes appears to have been a temporary move, with the indices turning higher once more.

IG Analyst

Publication date : 2017-08-17T09:15:00+0100

DAX figure
Source: Bloomberg

FTSE 100 consolidates within recent uptrend

The FTSE 100 has been consolidating overnight, coming off the back of the Federal Open Market Committee (FOMC) fueled sell-off yesterday.

Given the recent uptrend, it looks likely that we will see further gains come into play today. Keep an eye out for trendline resistance up ahead. However, unless we see a break back below 7354, further upside seems likely.

FTSE chart

FTSE chart

FTSE chart

DAX rallying from Fibonacci support

The DAX is moving higher from the 61.8% retracement this morning, coming off the back of a sell-off yesterday evening. With the price having remained above the key 12,155 support level, the uptrend remains intact.

As such, another leg higher seems likely from here, with a break above 12,300 pointing towards a move to the 12,338 resistance level. A break back below 12,155 would bring that bullish outlook into question.

DAX chart

DAX chart
DAX chart

Dow turning higher after FOMC fueled weakness

The Dow Jones is similarly turning higher this morning, with overnight weakness bringing a move back into the 76.4% retracement.

Since bottoming out on Friday, the index has been trending higher, with continued higher highs and higher lows expected. A bullish outlook remains in place unless we break back below 21,976.

Dow Jones chart

Dow Jones chart
Dow Jones chart

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CFDS are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved.

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