FTSE 100 weakens as DAX and S&P 500 look to resume their rallies
While the FTSE 100 has lost ground in early trading, the DAX has edged higher and US futures point to some recovery after weakness on Thursday and Friday.
FTSE 100 under pressure
The week has begun with further losses for the FTSE 100, which has fallen to its lowest level in three weeks, dropping below 6100.
Further losses in the direction of 6000, key support since early June, seem likely, with this morning’s lower high pointing towards a bearish outlook for the time being. A reversal above 6200 would be the necessary first step to suggest a more bullish view is emerging.
DAX still near recent highs
Here the losses have been much more contained, with the DAX still close to its recent highs.
A revival back above 13,000 would signal that the buyers are in charge once more. Further declines target 12,500, where the index found some support earlier in the month.
S&P 500 holds 3200
The S&P 500 has edged back from its highs from last week but has managed to hold above 3200 for the time being.
A push back above 3240 would suggest that another higher low has been created and that a move back towards 3290 is in the offing. Sellers will need to push the price below 3200 to resume the downward move and boost the bearish thesis.
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.