Levels to watch: FTSE 100 and S&P 500
Indices have rallied off their recent lows, and for the time being the buyers seem to have the upper hand.
FTSE 100 holding on above 6700
Last week was another volatile one for the FTSE 100, with steep gains and rapid losses, but the index continued to hold the 6520 low.
However, while the bulls did manage to get the index to rally into the end of the week, it has yet to push on above 6760, where it stalled last Thursday. Above this, 6840 and then 6920 come into play. Friday saw buyers emerge around 6640, so this may be an area of potential support.
S&P 500 buoyed by strong momentum
The S&P 500 rallied hard last week, and for now it has held on to the gains. So far dips over the past few days have been buying opportunities, and any pullback towards 2400 may also see fresh buying pressure develop.
A push above last week’s high around 2520 would open the way to 2550 and 2600. For now the bullish view prevails in the short term, but a move back below 2400 would likely suggest a retest of the lows around 2315.
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.
See an opportunity to trade?
Go long or short on more than 17,000 markets with IG.
Trade CFDs on our award-winning platform, with low spreads on indices, shares, commodities and more.
Live prices on most popular markets