FTSE 100, DAX and S&P 500 all in rally mode
Indices have had an extremely strong week, with the DAX in particular firmly bullish.
FTSE 100 keeps rallying
A bounce off trendline support and sharp moves higher for both stochastics and the moving average convergence/divergence (MACD) indicator point towards a resumption of the ongoing uptrend for the FTSE 100.
The price found support around 6325, at the 50-hour simple moving average (SMA) at 6354 and rising support from last Friday’s low. Further gains target 6530 and then on to 6850. Alternatively, a drop below 6320 brings the possibility of a deeper pullback, heading towards 6240 and then 6170 and 6050.
DAX takes off after ECB
For the DAX, yesterday’s drift down towards 12,400 has resolved into a move higher, underpinned like the FTSE 100’s, by rising stochastics and MACD which have helped to revive the uptrend.
This index has gained more than 1000 points in a week, but momentum still lies firmly with the buyers. Having cleared the early-March highs, the price now targets 12,950, 13,200 and then 13,600.
S&P 500 sails higher
The smooth uptrend continues for the S&P 500, leaving little for traders to do but look for dips.
Yesterday’s modest volatility saw the price dip below 3100 but then rebound, and we have already seen a higher high this morning. Higher lows and higher highs remain the order of the day, with no apparent sign that this trend will reverse.
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material 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 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. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research 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.
Take a position on indices
Deal on the world’s major stock indices today.
- Trade the lowest Wall Street spreads on the market
- 1-point spread on the FTSE 100 and Germany 30
- The only provider to offer 24-hour pricing
Live prices on most popular markets