FTSE 100, DAX and S&P 500 still cautious ahead of Powell testimony
Key testimony on monetary policy from the head of the Federal Reserve has kept markets in check, with indices still off the highs seen last week.
FTSE 100 declines slow for now
The FTSE 100 has continued to fall, although it remains above rising trendline support from the May low.
A move back above 7556 would be a positive development, and suggest that the price is headed back to the 7620 high seen last week. A drop below 7520 could see the loss of rising trendline support and result in a push to 7450.
DAX heads towards 12,400
Having fallen below rising trendline support from the May low, the DAX has continued to decline, heading to support around 12,400.
Below this, the price will target 12,170. A move back above yesterday’s lower high at 12,477 is the first step in any rebound for the index.
S&P 500 steadies after rallying off the low
Buyers came in late yesterday to push the S&P 500 off the lows, although the gains have stalled since then.
However, the index has now established 2960 as support, and a move back above 2990 would provide more upward momentum. A return to 2960 could see support tested again, and also then test rising trendline support from the mid-June low.
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.
