Levels to watch: FTSE, Dax and S&P 500

Indices have made modest gains as the day begins, although it is likely that we will continue to see limited moves until the Fed meeting is out of the way.

Chris Beauchamp ChrisB_IG
Market Analyst, London

2016-03-16T09:01:39+0000

Data

Source: Bloomberg

FTSE 100 moves lower
Yesterday’s session repeated the pattern of recent days, with the index moving lower but still within its 6100/6200 trading range. This is likely to continue today as well, until the Federal Reserve meeting is out of the way.

A move below 6100 targets the ECB-day low of 6000, while any break above 6200 still targets the 200-day simple moving average (SMA) at 6269, then 6324 (the late December high) and then on towards 6440, key resistance during October and December.

FTSE 100 chart

FTSE 100 chart

FTSE 100 chart

Dax provides a base for higher price
The index finds itself once again at 10,000, with support holding up at 9900 yesterday and providing a base for buyers to move the price upwards. A sustained move above here takes us on towards 10,184 and the 100-day SMA, while beyond this we look towards the 200-day SMA at 10,433. Any move lower needs to break 9900 and then may encounter support along the rising trendline near 9800.

DAX chart

DAX chart

DAX chart

S&P 500 waits for Fed’s decision
Three days of little real movement indicates how this market is awaiting the Fed decision tonight. So far, 2010 continues to hold as support, while another dip will head towards the 200-hour SMA, which is close to the key 2000 support level. A break higher will need to clear Monday’s peak around 2025, which would then open the way to the 2070 area.

S&P 500 chart

S&P 500 chart

S&P 500 chart

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