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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

​FTSE 100 struggles while NASDAQ 100, S&P 500 extend gains post BoE, Fed rate cuts​

​​​The FTSE 100 is weighed down by a surge in sterling while the NASDAQ 100, S&P 500 trade in record highs following the BoE and Fed’s 25 basis point rate cuts.​​

Index trading Source: Adobe images

​​​FTSE 100 range trades above support

​The FTSE 100's Trump-induced rally to 8,304 on the back of rallying US stock indices has been followed by a drop to 8,131 on Thursday, weighed down by the surge in sterling and a gloomy reaction in a number of consumer-focused stocks.

​The 200-day simple moving average (SMA) at 8,117 should continue to offer support with minor resistance sitting at Thursday’s 8,192 high. If overcome, the 8,241 high seen on Monday may be back on the cards whereas a fall though the 200-day SMA at 8,117 would put the key 8,070-to-8,056 support zone on the map. It comprises the 25 July low and the 31 low.

FTSE 100 chart Source: IT-Finance.com
FTSE 100 chart Source: IT-Finance.com

​NASDAQ 100 trades in all-time highs

​The NASDAQ 100 has seen three days of rising prices, up by over 5% and trading in new all-time highs, following Donald Trump’s election to the US presidency. The index has for the first time ever closed above the psychological 21,000 mark and has the 21,500 region in its sights.

​Potential slips should find support around the previous record high made in July at 20,760.

NASDAQ 100 chart Source: IT-Finance.com
NASDAQ 100 chart Source: IT-Finance.com

​S&P 500 trades in new all-time highs

​The S&P 500 has so far rallied by over 4.5% from Monday’s low at 5,696 and is yet again trading in new record highs above its 5,882 mid-October peak with it getting within a whisker of the psychological 6,000 mark. Around it the index is expected to run out of steam, at least in the short-term.

​Potential slips should find support around the 5,882 mid-October high.

S&P 500 chart Source: IT-Finance.com
S&P 500 chart Source: IT-Finance.com

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.

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