FTSE 100 and DAX weaken but S&P 500 surges to new record

US indices are in strong form, but the same cannot be said of European markets, which are under pressure this morning.

FTSE 100 clings on above 7500

The FTSE 100 continues to drift below rising trendline support from the June low, although losses have been contained above 7500 for the time being.

Rallies to 7560 over the past week have run into resistance, so the index finds itself now in a 60-point trading range. Above 7560, the price heads to 7620. Further declines below 7500 target the 7450 zone in the first instance, then down to previous support at 7375.

DAX continues to push lower

A series of profit warnings this week have weighed on the DAX, with Daimler this morning causing another slump.

Rallies to the 50-hour simple moving average (SMA) at 12,377 have faltered, and lower highs and lower lows have been established since the first week of July. Further declines head to 12,250 and then 12,165. A rally back above 12,450 would help to reverse the short-term bearish view and suggest a revival of the longer-term uptrend.

S&P 500 at new record high

A fresh record high for the S&P 500 this week continues the bounce from 2960.

The next upside target may be 3030, while dips towards 2985 may find short-term trendline support from the 9 July low. The potential zones of support are 2960, 2940 and then 2910, in the event of a possible downturn.

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

  • Forex
  • Shares
  • Indices

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.


Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.

The Momentum Report

Get the week’s momentum report sent directly to your inbox every Monday for FREE. The Week Ahead gives you a full calendar of upcoming key events to monitor in the coming week, as well as commentary and insight from our expert analysts on the major indices to watch.

For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.