Nasdaq 100, S&P 500 see strong recovery rallies but FTSE 100 stays range bound
Nasdaq 100, S&P 500 see strong recovery rallies but FTSE 100 stays range bound as probability of 50 bps Fed rate cut increases.
Nasdaq 100 ends week on a high
This week the Nasdaq 100 rallied by nearly 6%, regaining most of its 22 August-to-September losses. It is getting ever closer to its July-to-September downtrend line at 19,495 which may cap, together with the 19,631 late August high. If overcome, the August peak at 19,938 will be back in focus.
Potential slips may find support around the late August 19,081 low.
S&P 500 continues its advance
The S&P 500 recovers swiftly from last week's sharp drop to 5,385 with the index heading back up towards its 5,655-to-5,669 July and early September highs.
Minor support can be found around the 5,545 late August low and the 55-day moving average (SMA) at 5,515.
FTSE 100 in the doldrums
The FTSE 100 continues to oscillate around the 55 day SMA at 8,239, having come off Thursday's 8,306 high. Further range trading seems to be at hand.
Minor support can be spotted at Wednesday’s 8,169 low and major support at its early September 8,153 low.
Only a rise above Thursday's 8,306 and the late June 8,314 highs could put the 8,374 mid-August peak back on the cards.
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
