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CFDs are complex instruments. 72% of retail client accounts lose money when trading CFDs, with this investment provider. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money.

FTSE 100, DAX and S&P 500 hold their ground in early trading

FTSE 100, DAX and S&P 500 hold their ground in early trading.

Source: Bloomberg

FTSE 100 hovers at July support

The index is sitting right at the 7050 support zone, which held back in July.

A drop below 7000 marks a fresh bearish development, and would bring the 6874 level into view, last seen in March.

Given the recent run of losses we might perhaps expect a rebound of sorts to develop, although for this to happen we would need to see a recovery above 7060, and then on above 7120.

A longer-term bounce targets 7500 and then 7570, the highs from September and then August, respectively.

Source: ProRealTime

DAX probes recent lows

There is little sign of a rebound here, with the index still close to Friday’s lows.

A move back above the February and June lows of 12,400 would help to provide a more short-term bullish view, although the broader bearish outlook remains in place.

Lower highs have been in place over recent months, so it would need a move above 13,500 to put a dent in this outlook.

Further declines target 11,700, eating into yet more of the post-Covid rebound.

Source: ProRealTime

S&P 500 edges up off recent low

June’s lows have been reached, after a huge decline since late August. If this level holds then the index may yet be able to stage a short-term bounce, targeting 3800 and then on towards 3900.

The bigger bearish view remains intact however, given the lower high at 4127.

The next major level to watch is 3582, and then on below that down to 3400.

Source: ProRealTime

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.

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