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

The overall picture for indices remains positive, with the DAX in particular testing key trendline resistance.

FTSE 100 holds 7150

The FTSE 100 has struggled to make further progress this week, but managed to hold the 7150 area over several days.

If this continues to hold then we look for a push back towards 7240 and then 7260. The loss of 7150 points towards a deeper retracement towards 7060.

DAX looks to breach trendline resistance

The June downtrend line was challenged yesterday for the first time since September yesterday, as the DAX moved back above 11,450.

While it was not able to maintain its gains, the rebound over the past two weeks has been impressive and doesn’t look like it is about to come to an end. Even a sharp drop towards 11,100 would find support from the December lows, giving the index the ability to attempt another break of trendline resistance.

S&P 500 pushes higher despite wedge formation

The S&P 500 continues to trade in a bearish wedge formation, having found resistance around 2800 earlier in the week, then falling back to support around 2764.

A break of this formation would be regarded as bearish, pushing the price back towards the 200-day simple moving average (SMA) at 2747 and then support around 2730. A break higher from the wedge targets 2820 and the highs from November last year.

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 30
  • The only provider to offer 24-hour pricing

Live prices on most popular markets

  • Forex
  • Shares
  • Indices
Sell
Buy
Updated
Change
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Sell
Buy
Updated
Change

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

Sell
Buy
Updated
Change
-
-
-
-
-
-
-
-
-
-
-
-
China 300
-
-
-
-

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.

The Momentum Report

Get the week’s momentum report sent directly to your inbox every Monday for FREE. The Week Ahead gives you a full calendar of upcoming key events to monitor in the coming week, as well as commentary and insight from our expert analysts on the major indices to watch.

For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.