FTSE 100 and Nasdaq 100 push higher but Dax struggles
Some signs of strength have been seen in indices this morning, after a mixed week so far.
FTSE 100 makes early gains
The index has made headway in early trading, recouping some of Wednesday’s losses.
However, for them moment, a lower high is still in play, though this would be negated with a move back above 7940. From there the index could still push on towards 8000 and 8040.
Further declines target the 50-day simple moving average (SMA), and then on to the 100-day SMA.
Dax retracement continues
Modest declines over the past week have nonetheless left the index close to its April high and above the March high.
A close below 15,60 might well transform the outlook and result in a push back towards the 50-day SMA, and even down towards the 100-day SMA, wiping out most of the gains made since mid-March.
Alternately, a recovery leaves the index on course to challenge 16,000 and higher once again, and would mark a complete recovery from the 2022 drawdown.
Nasdaq 100 pushes higher after good earnings
After good earnings from Microsoft Corp (All Sessions), Alphabet Inc - C (All Sessions) and Meta Platforms Inc (All Sessions) so far this week, the index has been able to recover from Tuesday’s lows.
After a pullback of 3.8% from the April to this week’s low, the price has started to stabilise, though the run of intraday lower highs over the past two weeks is still intact at present. A move above 13,000 would break this run and suggest a move back to the April high at 13,200 is in the offing once more.
The uptrend from December is intact, and it would need a move below 12,400 call this view into question.
This information has been prepared by IG, a trading name of IG Markets Ltd and IG Markets South Africa 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.
Take a position on indices
Deal on the world’s major stock indices today.
- 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
Prices above are subject to our website terms and agreements. Prices are indicative only
