Levels to watch: FTSE 100, DAX and S&P 500
European markets are mixed on the open, but losses have been contained so far, while US markets look to target their previous record highs.
FTSE 100 drops sharply on the open
The steady push higher over the past week or more is under some pressure this morning as the FTSE 100 drops back from a new high for the year.
However, the overall direction of travel remains intact, with rising trendline support coming into play around 7480. Below this, 7440 and 7390 are areas of possible support.
Sideways movement in DAX
The DAX retreated from the new high for the year earlier in the week but has found support around 12,190.
Fresh gains target 12,270, and then on to trendline resistance at 12,300. Beyond this 12,408 comes into view, while a drop below 12,160 would suggest a move back towards 12,100 and then 12,030.
S&P 500 hits new closing high
A new closing high for the S&P 500 yesterday means that the index now just has to take out the intraday highs from October to be in new territory.
Rising trendline support from the March lows comes into play around 2900. With overall breadth at new record highs as well there seems little sin that the bullish momentum has run its course.
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
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.