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. 

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. 

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.

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. 

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.

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