Levels to watch: FTSE 100, DAX and Dow

After yesterday’s sell-off, indices are trying to recover, but the gains have been limited so far. 

FTSE 100 rebounds slightly

The FTSE 100 lost the rising trendline from the February low yesterday, but it has delivered only a modest rebound.

The first line of possible support comes in at 7061, followed by yesterday’s low at 7025, and then down to 6919. A recovery back above 7150 would suggest that the buyers have managed to take back control.

DAX encounters new selling

Monday saw the DAX fall below the rising trend from the March low, and already the rebound is meeting fresh selling.

Further losses will head to 12,115, 12,051 and then 11,908. It would need a recovery back above 12,477 to suggest that a turnaround is at hand.

Dow attempts rebound above trendline

All eyes will be on the Dow Jones as it looks to rebound following yesterday’s drop below the rising trendline that has held since the February low.

A rally that fails to move back above 24,951 would be a selling opportunity, while downside targets now lie at 24,413, 24,213 and 23,831. 

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This information has been prepared by IG, a trading name of IG Markets Limited and IG Markets South Africa 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. International accounts are offered by IG Markets Limited in the UK (FCA Number 195355), a juristic representative of IG Markets South Africa Limited (FSP No 41393). South African residents are required to obtain the necessary tax clearance certificates in line with their foreign investment allowance and may not use credit or debit cards to fund their international account.

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