FTSE 100 struggles while DAX edges back, but S&P 500 hits new record
Compared to other indices, the FTSE 100 continues to weaken, while in the US the S&P 500 has reached another record high.
FTSE 100 under pressure
The FTSE 100 continues to see lower highs, with the 100-hour SMA (simple moving average) at 7332 still holding back upward progress.
A fresh decline targets 7280, Thursday’s low, and then down to 7260 and the low established on Monday. Below this, 7240 and then 7150 come into view as possible support. A rally through 7340 would begin to improve the outlook for bulls, since it would break back above the most recent lower high.
DAX sees early weakness
Early trading has seen the DAX drop sharply, although it has yet to test the 13,130 area that has marked support over the past two weeks.
Below this, 12,950 is possible support. For the time being, the index is still in consolidation mode, with a rally through 13,300 needed to open the way to fresh upside.
S&P 500 still in an uptrend
A fresh record high for the S&P 500 reasserts the uptrend and the drop back so far only raises the prospect of another buying opportunity in due course.
Short-term rising support may come into play around 3085. Bears will have to wait as there is still no real sign that this market is about to turn lower over the next few sessions.
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.