FTSE 100, DAX, S&P 500 all rally for healthy gains
The gains in equity markets continue, as investors put a difficult May behind them, with the FTSE 100 and S&P 500 in particularly strong form.
FTSE 100 enjoys a good week
The FTSE 100 has put in a strong performance over the past four sessions, rebounding from the low below 7100.
Wednesday saw a drop from 7260 to 7200, and this pullback provided a good entry point for longs. Fresh gains above 7260 head towards 7370, and if this is retaken then 7530 comes into view. A move below 7200 dents the bullish thesis, but a move back below 7140 is needed to suggest that the sellers are back in control.
DAX encounters near-term resistance
Since racing higher at the beginning of the week, the DAX has stalled around the 50-day simple moving average (SMA) of 12,056.
A break higher from here targets 12,120 and then 12,300. Short-term support at 11,950 has been seen over the past two days; if this breaks then 11,700 is the next area of possible support.
S&P 500 continues to rally
The price of the S&P 500 has pushed to a one week high, breaking trendline resistance from the May record high.
A drop back to 2800 in yesterday’s session provided a retest of the trendline from above, and with this successfully accomplished the advantage appears to lie with the bulls. Further gains target 2870, and then 2890, and with this cleared the way would lie open for a push to 2960. A move back below 2790 would be needed to suggest that the run higher is under threat.
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.
