FTSE 100 and DAX falter, while S&P 500 holds above 3000
European markets remain under pressure, while US markets await news from the Fed meeting today.
FTSE 100 works off recent gains
The FTSE 100’s bounce following the official close yesterday has been entirely unwound, as investors look to the Federal Reserve (Fed) later today.
Such a dramatic rally needs time to be worked off, but with 7600 having marked notable resistance earlier in the month a dip towards this level would not be surprising and still provide a buying opportunity. Below 7600, the 7475 area comes into play as possible support, while a recovery above 7670 helps to revive the bullish short-term view.
DAX looks to hold trendline
Yesterday’s slump resulted in the DAX hitting rising trendline support from the December lows.
If this holds, a rebound may develop, however, a move above the 50-day simple moving average (SMA) at 12,244 would be a necessary first step. Further declines head towards 12,000, 11,815, and then 11,600, the low from the end of May.
S&P 500 pushes on above 3000
US markets have been struggling to maintain the bounce from the end of last week, but the S&P 500 has managed to hold above 3000.
Further gains head towards 3030 and the peak from last week. Meanwhile, a break below 3000 would begin to develop a more short-term bearish view. The index will likely remain quiet ahead of the Fed meeting.
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.
