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FTSE 100, S&P 500 and NASDAQ 100 post US NFP sell-off​

​​​The FTSE 100, S&P 500 and NASDAQ 100 regain some of last week’s sharp losses, having seen their worst weekly performance in 18 months.​​

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​​​FTSE 100 bounces back

​The FTSE 100's six straight days of losses to Friday’s 8,153 low has been followed by a bounce on Monday morning. The index is being propped up by Asian stock indices which started their week on a dismal footing but then made back some of last week’s sharp losses, still ending their day in the red, though.

​The bounce off Friday’s 8,153 low has taken the UK blue chip index back towards its 55-day moving average at 8,236 which may act as initial resistance.

​While last week’s Thursday high at 8,285 isn’t overcome, immediate downside pressure should remain in play.

​Minor support ahead of 8,153 sits at Wednesday’s 8,205 trough.

FTSE 100 chart Source: IT-Finance.com
FTSE 100 chart Source: IT-Finance.com

​S&P 500 saw worst weekly drop in 18 months

​The S&P 500 had a dismal week last week and dropped by around 4.5% from its 5,655 early September high. This is the indices’ worst weekly performance in 18 months and points to further declines being seen.

​Minor resistance can be spotted between the late June and early July lows around 5,444 and the 55-day simple moving average (SMA) at 5,508.

​A slip through Friday’s 5,385 low would engage the 5,192 late May low.

S&P 500 chart Source: IT-Finance.com
S&P 500 chart Source: IT-Finance.com

​NASDAQ 100 tries to find support

​The NASDAQ 100's near 8% drop from its 19,938 late August high seems to have run out of steam slightly above the 200-day simple moving average (SMA) at 18,308.

​Minor resistance lies at Tuesday’s 18,777 low.

​Only an unexpected bullish reversal, rise and daily chart close above Thursday’s 19,108 high would have at least short-term bullish implications.

​Failure at last week’s 18,308 low and the 200-day simple moving average (SMA) at 18,308 would lead to the August trough at 17,244 being back in sight.

NASDAQ 100 chart Source: IT-Finance.com
NASDAQ 100 chart Source: IT-Finance.com

This information has been prepared by IG, a trading name of IG Markets Ltd 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. See full non-independent research disclaimer and quarterly summary.

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