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

Indices have turned lower on the last day of the week, after decent gains for the FTSE 100 and S&P 500, but a more difficult few days for the DAX.

Chris Beauchamp ChrisB_IG
Chief Market Analyst, London

Publication date : 2018-09-28T09:33:06+0100

World indices

Source: Bloomberg

FTSE 100 still on the up

The bullish move continues for the FTSE 100, with a steady rising trend of higher lows and higher highs seen since the beginning of the week.

A move below 7477 could signal some near-term weakness, while further gains will target 7644 and then the downtrend line from the May all-time high.

FTSE 100 price chart

FTSE 100 price chart

FTSE 100 price chart

DAX rebound stalls

The DAX staged a strong recovery from the lows yesterday, but again an attempt to clear the zone of resistance around 12,430 failed.

This continued inability to clear the zone does bring the current rally into doubt, although for now there appear to be plenty of buyers willing to step in around 12,300. A break below 12,250 would signal that the sellers are back in charge. Above 12,450, the price will have cleared the downtrend line from the June highs, pushing on towards 12,610.

DAX price chart

DAX price chart

DAX price chart

S&P 500 struggles below 2930

While the S&P 500 rallied off the lows, it has found 2930 to be a stumbling block all week.

A clearance of this level opens the way to the all-time highs seen just last week, while a move below 2900 suggests further weakness in the direction of 2870.

S&P 500 price chart

S&P 500 price chart

S&P 500 price chart

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