FTSE 100 mixed but DAX and S&P 500 stabilising
Indices have recovered after some losses at the beginning of the week, with trade headlines leading to further gains.
FTSE 100 struggling thanks to stronger pound
Sterling strength and a stubborn risk-off atmosphere continues to do little for the FTSE 100, which has dropped below 7200 support and is fighting to hold above Tuesday’s low around 7133.
Below this, 7100 and 7000 are the next levels to watch; since last Thursday intraday rallies have not lasted, with sellers streaming in. The overnight bounce towards 7200 was no exception, and until this changes the bears remain in control.
DAX holds support
The DAX managed to hold 12,954 yesterday, and moved higher overnight, but the bounce has run out of steam for now at 13,070, and so far the price is unable to move back above the 50-hour simple moving average (SMA), at 13,056.
If it can move above both of these then a higher low may be in place, and a push back towards 13,300 will be underway. Alternately, a close back below 12,940 would open the way to deeper losses, heading towards 12,600.
S&P 500 starts to recover
The hourly S&P 500 chart continues to point to lower highs, with the overnight bounce to 3097 then seeing some early losses.
However, if the price can move above 3097 and reclaim the 50-hour SMA at 3110 then a fresh move higher may begin. This would target 3140 and then 3155. Alternately, further losses will push back towards Tuesday’s low at 3070, and then bring 3026 into view as possible support.
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