CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with this provider.You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.

FTSE 100 and DAX weaken but S&P 500 surges to new record

US indices are in strong form, but the same cannot be said of European markets, which are under pressure this morning.

FTSE 100 clings on above 7500

The FTSE 100 continues to drift below rising trendline support from the June low, although losses have been contained above 7500 for the time being.

Rallies to 7560 over the past week have run into resistance, so the index finds itself now in a 60-point trading range. Above 7560, the price heads to 7620. Further declines below 7500 target the 7450 zone in the first instance, then down to previous support at 7375.

DAX continues to push lower

A series of profit warnings this week have weighed on the DAX, with Daimler this morning causing another slump.

Rallies to the 50-hour simple moving average (SMA) at 12,377 have faltered, and lower highs and lower lows have been established since the first week of July. Further declines head to 12,250 and then 12,165. A rally back above 12,450 would help to reverse the short-term bearish view and suggest a revival of the longer-term uptrend.

S&P 500 at new record high

A fresh record high for the S&P 500 this week continues the bounce from 2960.

The next upside target may be 3030, while dips towards 2985 may find short-term trendline support from the 9 July low. The potential zones of support are 2960, 2940 and then 2910, in the event of a possible downturn.

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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