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FTSE 100, DAX and S&P 500 in positive frame of mind

Indices have pushed higher in early trading, with European markets giving a particularly strong showing.

FTSE 100 breaks resistance in early rally

Early trading has seen the FTSE 100 push through 7300, the area of resistance that stifled gains back in early August and over the previous two sessions this week.

Above 7300, the index heads towards 7556. Intraday dips may continue to find buyers, with a drop towards 7200 potentially providing an entry point.

DAX recovers 12,000

Gains continue to be seen for the DAX, building on the break higher earlier in the week.

Yesterday saw a pullback towards 11,900, but the price created a higher low and rallied. Further gains head towards 12,200 and then 12,400. The bullish view remains in place unless the price moves back below 11,700.

S&P 500 eyes 2940 once more

After rallying from yesterday’s lows, the S&P 500 price is mounting another attempt to break 2940.

A clearance of this and the 50-day simple moving average (SMA) at 2943 would send a bullish signal, indicating that the range-trade of August had come to an end and targeting 3030, the July peak. If a daily close above 2943 eludes the index once again, then 2890 and 2850 come into view as possible downside targets, followed up by 2820 and the lows of mid-August.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. 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. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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