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

Stocks are turning lower for now on a day with few major catalysts.

US trader
Source: Bloomberg

FTSE 100 slowing down

Momentum has been weakening here over the past couple of days, but bears will need to post a firm move below 7260 to indicate that the rounded top is complete and that a new move lower is developing.

There is still the rising trendline from the February low, which could see a bounce around 7250, and then below this the 7 February peak at 7220 will also be worth watching. A turnaround from 7260 would then suggest a move back to 7300 and then on to the all-time high at 7360 for the index.

FTSE chart

DAX still in the lows

An attempt at a rally this morning fizzled out below the 50-hour simple moving average (SMA) - 11,779 - now we look to see if the 11,719 area, where support materialised on 15 February, will hold.

A break below this would head towards 11,650 and below this the next area is 11,450, the 7 February low. The index has been unable to hold above 11,800 so far this week, so any move above here needs to consolidate rapidly and continue higher to avoid becoming another selling opportunity.

DAX chart

S&P 500 potentially heading for weakness

The steep uptrend line of the past week has been broken, so we could be in for a period of weakness now. The first areas to watch for support are 2335 and then 2322.

S&P 500 bulls need to hold 2340 and then move to retake the month’s highs at 2355. 

S&P 500 chart

Denna information har sammanställts av IG, ett handelsnamn för IG Markets Limited. Utöver friskrivningen nedan innehåller materialet på denna sida inte ett fastställande av våra handelspriser, eller ett erbjudande om en transaktion i ett finansiellt instrument. IG accepterar inget ansvar för eventuella åtgärder som görs eller inte görs baserat på detta material eller för de följder detta kan få. Inga garantier ges för riktigheten eller fullständigheten av denna information. Någon person som agerar på informationen gör det således på egen risk. Materialet tar inte hänsyn till specifika placeringsmål, ekonomiska situationer och behov av någon specifik person som får ta del av detta. Det har inte upprättats i enlighet med rättsliga krav som ställs för att främja oberoende investeringsanalyser utan skall betraktas som marknadsföringsmaterial.