Levels to watch: FTSE 100, DAX and S&P 500
The mid-May pullback seems to have run its course, as indices continue to recover from their lows with a series of higher highs and higher lows.
FTSE 100 builds new uptrend
FTSE 100 has created two higher highs since the rebound began earlier in the week, with higher lows in place as well.
With the recovery now in place, we look for further gains above 7350, and then on to 7400, 7450 and then potentially back to the April high at 7530. A more bearish view would require a move back below 7140.
DAX soars on renewed risk appetite
DAX has leapt higher over the past two days, putting it back above the 12,200 swing-high from last week.
A pullback overnight is hardly surprising, and welcome from a bullish perspective – further gains target 12,400 and 12,450. The bearish view would require a move back below 12,000.
S&P 500 continues its steady gains
The rebound here has seen the S&P 500 move back to the 2890-2900 zone that marked the peak last week.
An overnight pullback provides another potential buying opportunity, targeting 2890 and then on to 2930. A failure to hold the overnight lows around 2865 would target 2830 and then 2800.
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.
