FTSE 100 falters but DAX and S&P 500 still strong
The FTSE 100 is struggling in early trading, but the DAX and S&P 500 remain close to records.
FTSE 100 fails to join in the rally
The FTSE 100 stalled at 7550 last week, as it did earlier in the month. Losses on Thursday and Friday saw the price resume its fall, and while the price rebounded from the overnight lows, bullish momentum appears to be fading.
If the price establishes a lower high today (below 7475) then a bearish view remains in place, with a move below 7380 targeting 7270 and the post-December 2018 rising trendline (and 7230 below this, the late January low). A rebound above 7475 targets 7540, and would also see the price break trendline resistance from the January peak.
DAX shows no sign of stopping
We saw the DAX price recover from its Thursday weakness, maintaining the upward move into 13,800.
A breakout from here puts it in new record high territory. 13,708 and 13,600 are the first areas to look for support, while below this 13,200 and 12,954 come into play.
S&P 500 still at record
The S&P 500 ground out small gains last week, as the recovery from the January retreat continues.
Higher lows and higher highs on the hourly chart confirm strength, with a move below 3350 needed to really suggest a near-term retracement is underway. This might then bring the 50-day simple moving average (SMA) at 3264 into play, with 3220, the late January low, below this as possible support.
This information has been prepared by IG, a trading name of IG Australia Pty Ltd. 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.
Speculate on commodities
Trade commodity futures, as well as 27 commodity markets with no fixed expiries.1
- Wide range of popular and niche metals, energies and softs
- Spreads from 0.3 pts on Spot Gold, 2 pts on Spot Silver and 2.8 pts on Oil
- View continuous charting, backdated for up to five years
Live prices on most popular markets
- Forex
- Shares
- Indices
