FTSE 100 draws away from resistance, as DAX and S&P 500 edge sideways
Yet again the FTSE 100 has failed to clear 6300, while the DAX and S&P 500 are seeing bullish momentum fade for now.
FTSE 100 fails at 6300 yet again
A rally through the 6300 resistance zone continues to elude the FTSE 100. Yesterday saw the price fail to make much headway, with gains faltering below 6280.
A deeper retracement now brings 6200 into view, and then down to 6080. A more bullish view requires the price to clear 6350 to ensure resistance has been broken.
DAX edges higher
By contrast the DAX has shown no sign of similar weakness.
Admittedly, it has yet to push through the higher high from Wednesday’s session, but it continues to cling on above the 50-hour simple moving average (SMA) of 12,884. If the price clears 13,000 then it will form a new higher high, while a deeper pullback could see the 200-hour SMA at 12,701 tested once more.
S&P 500 continues to drift
The S&P 500 has failed to make much headway over the past 72 hours, although the uptrend from the 29 June lows is still intact.
For now however bearish momentum is building as the price fails to clear 3220, and a deeper pullback heads towards 3130, where recent weakness over the past three weeks has found buyers.
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.