FTSE 100, DAX and S&P 500 all start the week with gains
As December begins, indices are moving higher, as volumes return following the US Thanksgiving holiday.
FTSE 100 recovers in early trading
Friday’s thin and directionless session saw the FTSE 100 drop back from the 7440 zone that has acted as resistance since late September.
However, early trading this morning has seen the price recover some ground. A daily close above 7440 is still needed to generate a more bullish view; continued failure to move above this level increases the risk of a move back towards 7200. Above 7440, 7550 and 7640 come into play. Intraday trendline resistance from the 27 November peak means that the price must breach 7400 to indicate that the bulls are regaining control.
DAX hitting range top
The DAX continues to show little inclination to break out of its range. Since 7 November, it has traded, with two brief breakouts, between 13,100 and 13,300.
This continues to look like a consolidation after the big gains of October and early November, since the dip below 13,100 was quickly bought. Seasonality continues to favour the bulls here, but we need a daily close outside of the 13,100-13,300 range to provide a clear indication of what may happen next.
S&P 500 back to normal service
The US returns to normal trading today after the Thanksgiving holiday and Friday’s shortened session. The bulls have maintained their iron grip on the S&P 500, with very little in the way of downside over the past month or more.
The drift over the past few days has now run into possible trendline support from 10 October, which may provide a foundation for more gains. Otherwise, a drop back towards 3100 may provide support.
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.
