FTSE 100 holds above lows, while DAX struggles and S&P 500 sits at a record
While the S&P 500 hovers at a record high, the FTSE 100 and DAX are seeing a more mixed picture.
FTSE 100 edges back
The FTSE 100 continues to edge back from the highs of last week but the rate of decline has slowed and, crucially, the lows of the week so far at 6850 have seen buying. This has stymied any further bearish progress and raises the prospect of a renewed push higher that targets 6950 and above. For now there isn’t much bullish momentum but the move down has certainly stalled.
DAX: bigger pullback?
The tentative gains of the past two days have been given back in early trading today, and this may well prompt a bigger pullback. The limited gains and losses of the past week point towards a general consolidation that has yet to indicate the direction of the next big move.
S&P 500 rally continues
The quiet rally of the past week continues here, with no sign of a reversal. Weakness yesterday was quickly bought, pointing to strong upside momentum. For the time being a continued push to new record highs seems likely.
Chris first started at IG in 2010, and in that time has become a regular commentator and analyst for the financial press and TV, with appearances on all the major financial channels as well as the BBC and Sky News. His background is in equity research and analysis, and he uses these skills to provide in-depth reports on stock market movements.
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