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FTSE 100, DAX and S&P 500 still stuck below Monday’s gap lower

A mixed session yesterday saw indices unable to close the opening gap, but still able to hold on to the broader uptrend.

FTSE 100 unable to maintain upward

The FTSE 100 continues to edge back from the highs seen last week, as it heads back to 7300.

It has been unable to sustain the highs of the last few sessions, although for the moment the current rally is not seriously under threat. A move below 7250 would begin to imperil that view, and a drop through 7200 confirms that more weakness is at hand.

DAX holds above Monday lows

The price for the DAX failed to close the opening gap yesterday, with gains faltering at 12,400.

However, downside was also limited, so another push above 12,400 may occur, with a target in the first instance of 12,500, before a fresh move towards 12,600. The current bounce is yet to be seriously challenged, and this would require a move back below 12,200.

S&P 500 still on the up

Here too the price failed to close the Monday gap entirely for the S&P 500, although it avoided turn below the low of the day.

Further gains above 3005 will close the gap, completely restore the bullish picture and suggest the index is poised to make an attempt to break to new record highs. Below 2980 the 2959 support level comes into play, followed by 2940.

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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