Levels to watch: FTSE 100, DAX and S&P 500
Hopes of progress in the US-China talks are again lifting equities, with key indices seeing the creation of new highs for the year.
FTSE 100 sets its sights on more gains
The FTSE 100's new high for the year and a higher high in the current uptrend has been created. Now the index targets trendline resistance from the highs of May last year, around 7450. Above here the next target is 7550.
In the short term, the price action below 7300 would be viewed as bearish, but the overall picture is still one where buying the dips seems likely to prevail.
Buyers firmly in control on the DAX
The recovery here goes on, with the DAX creating a new high for 2019. The next target is 12,102, followed up by 12,300 and trendline resistance from the January 2018 all-time high.
Any pullback towards 11,400 is likely to be a buying opportunity, with a bearish view only reviving with a close blow 11,260.
S&P 500 takes out final resistance before previous all-time high.
If the S&P 500 closes above 2870 today, it will have cleared the last resistance before the all-time high of October 2018 at 2940.
There has been little in the way of a retracement over the past few weeks, but 2860 saw significant support yesterday. The bullish view remains intact unless the price moves back below 2830.
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
