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SP500, DAX40 and FTSE100 price forecasts: 29 June 2023

The SP500 looks to be resuming its longer-term uptrend, while the DAX40 rebounds off support, and the FTSE100 continues to grind

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SP500 (US 500) – short term resumption of longer-term uptrend

Source: IG

The short-term correction of the longer-term uptrend on the SP500 index looks to have ended with a bullish candlestick reversal (bullish engulfing). This suggests that the short-term trend is now aligning with the longer-term uptrend.

The recent high at 4450 becomes the initial upside resistance target from the move. Traders who are long might consider using a close below the reversal low at 4330 or horizontal support at 4300 (depending on threshold for risk) as a stop loss indication for the trade.

DAX40 (Germany 40) – bullish reversal off range support

Source: IG

The long-term trend for the DAX40 remains up, as we see the price still trading firmly above the 200-day simple moving average (200MA) (blue line) on the chart above. In the short to medium term, the price trades within a sideways range between levels 15715 (support) and 16330 (resistance).

The long-term trend suggests keeping a long bias to trades on the index. The bullish price reversal off range support at 15715 targets a move back towards range resistance at 16330. Traders who are long might consider using a close below the 15715 level as a stop loss indication for the trade.

FTSE100 – sideways grind persists

Source: IG

The price of the FTSE 100 whipsawing back and forth through the 200MA suggests the index to be in a broad sideways trend for the time being. This type of environment suggests trading between levels rather than trend following.

Traders looking for short entry might look for a bearish candlestick pattern / price reversal closer towards the 7560 level to target a move back to support at 7410. In this scenario a close above the reversal high or 7560 level might be used as a stop loss consideration for the trade.

Traders looking for long entry might prefer to instead wait for a break of trend line and horizontal resistance at 7560 before targeting a move back towards the 7650 level.

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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