Levels to watch: FTSE 100, DAX and S&P 500
Overnight weakness has provided a possible dip buying opportunity in the short term, although caution persists ahead of the Federal Reserve meeting.
FTSE 100 recovers from pullback
The FTSE 100 suffered a sharp reverse yesterday, but the pullback formed a higher low and thus the rally remains intact.
Further gains target 7350, the highs from yesterday’s session. Renewed weakness below 7270 might suggest that a push back towards 7210 is a possibility.
Higher low supports DAX
A higher low has been created overnight for the DAX, holding rising trendline support from the lows of 14 March.
A renewed push higher targets 11,830, while a drop below the overnight low of 11,670 would suggest a push back to 11,610.
S&P 500 claws back losses
Already the S&P 500 is recovering its overnight losses, having managed to hold above 2820.
The bullish view remains intact unless it drops back below 2815. The near-term targets on the upside are 2852 and then 2869.
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.
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
