Levels to watch: FTSE 100, DAX and S&P 500

Yesterday’s gains were trimmed overnight, although there are still signs of bullishness.

FTSE 100 still struggling below 7720

The FTSE 100 mounted an attempt to push through the 7720 resistance zone, but it fell back in the overnight session. A further drift lower this morning indicates that this area is still proving troublesome.

However, a short-term rising trendline from the 16 July lows around 7564 could see support hold up the price. A close below 7620 would negate this and suggest a move back towards 7560. A push above 7740 is needed to finally break the resistance zone and open the way to 7800 and 7900.

DAX knocked back from 12,800

The DAX rally towards 12,800 ran out of steam, confirming this area as a hurdle to further gains.

Rising trendline support from the June lows comes into play around 12,570, while a close above 12,800 would open the way to descending trendline resistance from the all-time highs, around 13,050.

S&P 500 still on the up

While the rally yesterday encountered selling later on, the overall move higher is still intact for the S&P 500.

The close above 2803 indicates that a move to the all-time high at 2877 is possible. A close below 2790 would negate this more bullish view.

IGA, may distribute information/research produced by its respective foreign marketing partners 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.

This information/research prepared by IGA or IG Group is intended for general circulation. 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 or 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. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. In addition to the disclaimer above, the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.

See important Research Disclaimer.

Find articles by writer