FTSE 100, DAX and S&P 500 hold their ground in early trading
FTSE 100, DAX and S&P 500 hold their ground in early trading.
FTSE 100 hovers at July support
The index is sitting right at the 7050 support zone, which held back in July.
A drop below 7000 marks a fresh bearish development, and would bring the 6874 level into view, last seen in March.
Given the recent run of losses we might perhaps expect a rebound of sorts to develop, although for this to happen we would need to see a recovery above 7060, and then on above 7120.
A longer-term bounce targets 7500 and then 7570, the highs from September and then August, respectively.
DAX probes recent lows
There is little sign of a rebound here, with the index still close to Friday’s lows.
A move back above the February and June lows of 12,400 would help to provide a more short-term bullish view, although the broader bearish outlook remains in place.
Lower highs have been in place over recent months, so it would need a move above 13,500 to put a dent in this outlook.
Further declines target 11,700, eating into yet more of the post-Covid rebound.
S&P 500 edges up off recent low
June’s lows have been reached, after a huge decline since late August. If this level holds then the index may yet be able to stage a short-term bounce, targeting 3800 and then on towards 3900.
The bigger bearish view remains intact however, given the lower high at 4127.
The next major level to watch is 3582, and then on below that down to 3400.
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.
Start trading forex today
Trade the largest and most volatile financial market in the world.
- Spreads start at just 0.6 points on EUR/USD
- Analyse market movements with our essential selection of charts
- Speculate from a range of platforms, including on mobile
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.
