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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

Indices continue to rally despite ECB’s eighth consecutive rate hike

Outlook on FTSE 100, DAX 40 and S&P 500 as Fed and ECB stick to hawkish stance.

ECB image Source: Bloomberg

FTSE 100 approaches upper boundary of trading range

The FTSE 100 is making further headway despite a swathe of UK companies seeing their share prices fall as worries about the Bank of England (BoE) having to raise its rates further increase.

The upper boundary of its near one-month sideways trading range is about to be hit with the late May and current June highs at 7,655 to 7,660 being eyed. Further resistance can be spotted at the 7,679 mid-May low.

S Potential retracements of Friday should find support between the 12 and 13 June highs at 7,611 to 7,604.

FTSE 100 Daily Chart Source: ProRealTime
FTSE 100 Daily Chart Source: ProRealTime

DAX 40 rally continues

The Germany 40 continues to rally towards its May high at 16,333 and this week’s all-time record high at 16,338 as Thursday’s European Central Bank (ECB) eight consecutive rate hike by 25 basis-points to 3.50% and hawkish outlook didn’t spoil the party.

Above the 16,338 all-time record high lies the 16,400 mark and the 16,500 region.

Immediate support can be seen at this morning’s 16,208 intraday low below which Thursday’s low at 16,160 should act as interim support.

DAX 40 Daily Chart Source: ProRealTime
DAX 40 Daily Chart Source: ProRealTime

S&P 500 surges ahead

The US 500 is about to end its fifth consecutive week of higher prices with an acceleration to the upside, having so far seen six consecutive days of rising prices despite the Federal Reserve’s (Fed) hawkish stance which allows for potentially two more rate hikes to be seen.

Above Thursday’s 4,440 14-month high, made above the 4,421 March 2022 peak, lurks the minor psychological 4,500 mark which represents the next upside target.

With today’s option expiry and plenty of Fed members speaking on Friday and next week, some volatility may soon enter the mix.

With the market’s view of it not wanting to believe that the Fed is merely pausing and hasn’t ended its monetary tightening cycle, potential slips may find support around the minor psychological 4,400 mark and at Wednesday’s 4,391 high today.

S&P 500 Daily Chart Source: ProRealTime
S&P 500 Daily Chart Source: ProRealTime

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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Prices above are subject to our website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

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