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Indices under pressure as first half draws to a close

Outlook on FTSE 100, DAX 40 and Nasdaq 100 on last trading day of the month.

​FTSE 100 slips on last day of June

The FTSE 100 is further coming off its 200-day simple moving average (SMA) at 7,363 on the last trading day of the month and first half of the year. This is in line with the US 500 which is heading for its worst half-year since 1970 amid soaring inflation, aggressive monetary policy and the ongoing war in Ukraine.

The FTSE 100 is likely to slip to the 21 June high at 7,193 below which further support can be found at the 7,157 May low and also at the 7,134 14 June low.

Good resistance can now be seen between the mid-June and this week’s highs at 7,331 to 7,362.

DAX continues its slide

The DAX 40 continues its descent towards the March low at 12,432, having slid through last week’s low at 12,839 despite better-than-expected German June preliminary consumer price index (CPI) data which came in at 0.1% month-on-month versus an expected 0.4% and 0.9% in May.

Immediate resistance is seen at the 16 June low at 12,944 today and then along the two-month downtrend line at 13,180.

The index will remain in a bearish trend while it stays below its last relative high, i.e. when a daily candlestick high is made at a higher high than that on the candle to its left and to its right. In this case it is the 27 June high at 13,383.

Nasdaq 100 slips at first-half year draws to a close

The Nasdaq 100’s minor bounce off its one-year low at 11,037 ran out of steam at this week’s high at 12,227 with it heading down towards the 22 June low at 11,286 as Federal Reserve chair, Jerome Powell, reiterated the need to combat inflation even if it meant risking “some pain.”

US equity indices face heading to their worst first half of the year since 1970 amid the ongoing war in Ukraine, 40-year high inflation and recession worries.

Minor support below the 22 June low at 11,286 comes in at the 14 June low at 11,203 and more significant support at the current June trough at 11,037.

Minor resistance can be spotted between the mid-May low at 11,688 and the mid-June high at 11,755. Further up the April-to-June downtrend line can be seen at 12,065 and this week’s high at 12,227.

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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