FTSE 100, DAX 40 on track for third straight day of gains as Russell 2000 rallies by over 3.5%
Outlook on FTSE 100, DAX 40 and Russell 2000 as it rallies on rotation out of technology stocks into small caps.
FTSE 100 tries to break through downtrend line
The FTSE 100 is on track for its third straight day of gains and is in the process of breaking through its May-to-July downtrend line at 8,259 with last week’s high at 8,287 representing the next upside target. Further up sits the 8,314 late June peak.
Potential slips should find support around Thursday’s 8,234 high.
DAX 40 on track for third straight day of gains
The DAX 40's advance is taking it towards its May-to-July downtrend line at 18,628, above which beckons last week’s high at 18,665.
Minor support can be found between the 1 July high at 18,466 and the 55-day simple moving average (SMA) at 18,428.
Russell 2000 nears April peak
The Russell 2000 rallied by over 3.5% following Thursday’s US softer-than-expected consumer price index (CPI) print as rotation out of highly overvalued technology stocks into small caps was taking place with the June peak at 2,145 about to be hit. Once bettered, the index will be trading at levels last seen in January 2022 with the next upside target representing the January 2022 peak at 2,291.
Potential slips may find support around the 2,123 May high.
IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.
The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
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. Please see important Research Disclaimer.
Please also note that the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.
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
See more forex live prices
See more shares live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
See more indices live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.
