While FTSE 100 remains range bound, DAX 40 and S&P 500 see days of losses
While FTSE 100 remains range bound, DAX 40 and S&P 500 see days of losses amid unchanged ECB rates and US earnings season.
FTSE 100 remains side-lined
The FTSE 100 continues to range trade but is seeing a series of lower highs along the 55-day simple moving average (SMA) at 8,263 which this week acted as resistance. On the flip side the May-to-July lows at 8,138 to 8,106 continue to act as solid support.
The July highs at 8,270 to 8,287 need to be overcome, for the late June peak at 8,314 to be reached. Similarly, a fall through and daily chart close below the 8,106 early July low may lead to the early- April-to-early-May lows at 8,095 to 8,017 being revisited.
DAX 40 sees four straight days of losses
The DAX 40's advance to last Friday’s 18,782 high, made close to the 18,786 early June peak, has been followed by four consecutive days of losses with perhaps a fifth being seen today with the 9 July low at 18,211 representing a possible downside target.
Minor resistance can be spotted along the 55-day SMA at 18,475.
S&P 500 comes off its record high
The S&P 500 is starting to come off its 5,669 record high and has now fallen through its May-to-July uptrend line which, because of inverse polarity, should now act as a resistance line at 5,594.
So far the 5,524 June high has acted as support but below it lies the 24 June low at 5,446 which may also act as support in the days to come.
Above the 5,669 all-time high lies the psychological 5,700 mark.
Axel Rudolph FSTA
Axel is an ex-multi-asset futures and options trader, fund manager and multiple award-winning cross asset technical analyst with over three decades of experience working in French, German and UK banks.
He is a visiting lecturer at London universities, Fellow of the Society of Technical Analysts and heads up their UK education programme. He appears on international news programmes to explain the impact of events on financial markets.
Axel can cover a host of topics, including:
Spread betting, contract for difference (CFD) trading, equities, forex, commodities, futures, options, margin policies, fundamental analysis, technical analysis, risk and money management.
With IG since: 2022
Trading since: 1992
Preferred trading style: candlestick, RSI and trend trading.
Most memorable trade: in late 2020 being long carbon emissions from €31 all the way up to nearly €100.
Favourite financial book: Jack Schwager’s Market Wizard books and Dr Van Tharp’s books.
BSc Econ (Hons), MSc European Studies (Econ), STA Diploma in Technical Analysis.
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. 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. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
Seize your opportunity
Deal on the world’s stock indices today.
- Trade on rising or falling markets
- Get one-point spreads on the FTSE 100
- Unrivalled 24-hour pricing
See opportunity on an index?
Try a risk-free trade in your demo account, and see whether you’re on to something.
- Log in to your demo
- Try a risk-free trade
- See whether your hunch pays off
See opportunity on an index?
Don’t miss your chance – upgrade to a live account to take advantage.
- Get spreads from one point on the FTSE 100
- Trade more 24-hour indices than any other provider
- Analyse and deal seamlessly on smart, fast charts
See opportunity on an index?
Don’t miss your chance. Log in to take your position.
Live prices on most popular markets
- Equities
- Indices
- Forex
- Commodities
Prices above are subject to our website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
