FTSE 100, DAX and S&P 500 edging back after recent gains
Indices are beginning to head modestly lower, after a strong run over the past six weeks.
FTSE 100 wilts after Tuesday bounce fades
The more positive view created in the early part of yesterday’s session has given way to increased caution, as the FTSE 100 retreats from Tuesday’s highs and begins to fall through the post-October rising trendline.
Further weakness might suggest a return to the 50-day simple moving average (SMA) at 7282, which provided support earlier in the week and at the end of October. Intraday, the price is currently oversold, and may see a recovery above 7330 that revives the more bullish view.
DAX stuck below recent highs
Although stuck below 13,300 for now, the price of the DAX has continued to record intraday higher lows, with a drop back from yesterday’s high finding support around 13,200.
The next major resistance above 13,200 is 13,600, the highs from January 2018. We have yet to see even a hint of a bearish reversal that might prompt some near-term weakness.
S&P 500 still finding buyers to push higher
Even small dips continue to be bought for the S&P 500, as seen since yesterday afternoon, when a drop back towards 3080 began.
Buyers have begun to push the price higher once again, and a move above 3100 revives the existing uptrend. Short-term weakness might ensue following a move below 3070.
IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.
The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
Please see important Research Disclaimer.
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 40
- The only provider to offer 24-hour pricing
Live prices on most popular markets
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.