Levels to watch: FTSE 100, DAX and S&P 500
Another good week for indices confirms that the bull market is still in place, and while some early weakness has been seen so far, the overall trend is still higher.
FTSE 100 reaches key trendline resistance
Friday saw FTSE 100 hit another high for the year, and in the process reach trendline resistance from the May 2018 all-time high.
The index has now gained 14% since Christmas, but shows little sign of stopping for now. A push above 7470 targets the late September high at 7560, and then on to 7650. Pullbacks may find support at 7360, or 7265.
DAX still strong
The recent rally has seen DAX gain 800 points in the space of two weeks.
It now targets trendline resistance from the January 2018 all-time highs, suggesting a push to 12,300, while first-line support in any pullback might be found around 11,700. A deeper retracement targets rising support around 11,650.
S&P 500 eyeing up new record highs
Fresh highs for the year have been seen for S&P 500, and now the last area of possible resistance lies around the all-time highs at 2940.
The 3870 and then 2850 are potential areas of support. Further declines target 2780.
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.
Take a position on indices
Deal on the world’s major stock indices today.
- Trade the lowest Wall Street spreads on the market
- 1-point spread on the FTSE 100 and Germany 40
- The only provider to offer 24-hour pricing
Live prices on most popular markets
- Forex
- Shares
- Indices
Prices above are subject to our website terms and agreements. Prices are indicative only
