FTSE 100, DAX and S&P 500 see upward momentum stall
Indices are struggling in early trading, as geopolitical concerns begin to weigh.
FTSE 100 hovers below 6200
The FTSE 100 remains skittish around 6200, showing no real desire to break and hold above this level.
This may increase the chances of a retracement, targeting 5900 and then 5650 in the first instance. Rising trendline support from 14 May low comes into play around 6105, while a move above 6250 revives the current uptrend, creating a new higher high.
DAX continues to climb
The bounce here for the DAX shows no sign of slowing either, with a retracement from the highs earlier in the week merely providing a possible entry point for longs.
A reversal would need to begin with a move below 11,450, which would bring 11,265 into view in the short term.
S&P 500 nears trendline support
Rising support may be tested here today as the S&P 500 retreats from its highs above 3050.
A move below 3000 breaks this trendline support, although we will need to see a lower high on the hourly chart early next week to provide some confirmation that a reversal is in progress. Further gains target the peak from earlier in the week, at 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.