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

The FTSE 100 and the S&P 500 have resumed their march higher, while Europe continues to drift sideways. 

FTSE 100 looks to more new highs

There seems little stopping the FTSE 100, as it pushes on to fresh highs.

From a daily chart perspective, we would see weakness as a fresh buying opportunity, with 7705 and then 7600 as possible areas of support. Already, dips towards Friday’s lows around 7760 are finding buyers. 

DAX fights to hold support

While the DAX has not been able to make much upward progress, it has at least managed to hold the 13,211 area.

So long as this remains the case, the chance of a move higher to challenge the 13,400 area remains high. Above 13,400, the 13,533 zone comes into play, while below 13,211, 13,095, 12,954, and 12,844 are possible areas of support.

S&P 500 resumes its rally

The S&P 500 gapped higher overnight, and has spent the morning filling that gap.

However, the broad trend is intact, with the dip on Wednesday finding buyers. Pullbacks towards the 50-hour (2771) or 100-hour simple moving average (SMA) at 2760 are likely to find buyers.

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 IGA 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.