FTSE 100, DAX and S&P 500 under pressure at the start of a new week
Indices ended last week on a poor note, and while they have tried to rally in early trading, investors remain cautious overall.
FTSE 100 holds above recent low
The FTSE 100 was unable to hold its gains on Friday. So far today, the index has managed to avoid any fresh downside, while also remaining above the lows seen last Thursday when it briefly tested the rising 50-day simple moving average (SMA) at 6061.
If we are in the process of seeing the formation of a higher low then the next move for the index is a move above 6220, breaking trendline resistance from the early-June high. This brings 6500 into view. A more bearish view requires the price to move back below 5950, which formed support earlier in June.
DAX struggling to rally after recent losses
Last week saw the DAX drop back from 12,600, with Friday’s session seeing little in the way of sustainable bullish momentum.
The index is fighting to hold 12,000 in early trading, rallying from this level with a move above 12,300 likely to provide a more near-term bullish view. Further declines head towards 11,600, the lows from mid-June.
S&P 500 below 200-day SMA
The S&P 500 has moved back below the 200-day SMA (3024) over the past two sessions, but remains above the 50-day SMA (2986).
Descending trendline resistance comes into play around 3100, with a move above here signalling a more bullish move is in play. Additional downside targets the mid-month low at 2940, previously resistance in late April and early May.
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.
