FTSE 100, DAX and S&P 500 all showing strong momentum
Indices are still moving higher, with the FTSE 100 and DAX eyeing up recent resistance as the S&P 500 keeps reaching new record highs.
FTSE 100 looks to break 7440 resistance
The push to resistance at 7440 is underway this morning, as the FTSE 100 builds on the gains made over the past week.
It has been a relentless bounce since last week’s low, so any retracement may not necessarily suggest a failure to push higher into December, but might be a buying opportunity. A daily close above 7440 is the key development to provide a much more bullish view.
DAX pushes higher
The DAX’s dip towards 13,200 found buyers, yesterday, as a brief pullback gave the chance for fresh bullish flow.
This morning, early gains are testing yesterday’s highs at 13,300, and a move above this then brings the 19 November highs below 13,400 into play. A daily close above this reinforces the bullish view and opens the way to 13,600. A more bearish view requires a firm drop back below 13,100.
S&P 500 climbs to new record
The S&P 500’s climb over the past week has been relentless, as trade hopes provide the catalyst for fresh buying.
Yesterday’s modest pullback provided a buying opportunity, confirming the current uptrend. A pullback towards 3110 would find support at the rising trendline from the 6 November low.
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