FTSE 100, DAX and Dow pause within recent uptrend
FTSE 100, DAX and Dow start to pause after another day of strong gains yesterday.
FTSE 100 pulling back from key resistance
The FTSE 100 is easing back this morning, following on from a rally into the 6211 resistance level from late April. The recent uptrend remains intact given the continued creation of higher highs and lows, yet we could see the index pull back as we respect the 6211 level.
Nevertheless, unless we see the index fall below 6040, such a pullback would likely represent a short-term retracement rather than a wider reversal. As such, we could see short-term downside today, yet a bullish trend is in place unless that 6040 level is broken.
DAX breaking below trendline support within recent uptrend
The DAX has started to slow its ascent, with the price falling below a short-term ascending trendline. With the stochastic looking likely to break back below the 80 mark, momentum does seem to be rolling over just as the US-China issue reaches a head.
With that in mind, there is a chance we could see short-term downside in what looks likely to be a short-term retracement. As such, any short-term weakness looks like a brief pullback, with a break below 11,429 required to bring expectations of a more protracted retracement of the rally from 10,865.
Dow Jones remains elevated after recent surge
The Dow Jones has remained elevated over the course of this morning, coming off the back of a surge into the 25,800 level.
The uptrend remains intact whether or not we see a short-term pullback, with a bullish outlook in play unless we see a break below the 25,007 support level.
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.