FTSE 100 stumbles as DAX and S&P 500 look to move higher
While UK markets continue to drop back, the DAX is holding the 200-day moving average and the S&P 500 is back at recent highs.
FTSE 100 falls below 5900
The FTSE 100 has seen fresh losses this morning, wiping out the small gains made late on Friday.
Having dropped below 5950, the price remains under pressure, with 5650 and then 5400 as possible near-term targets. Certainly, there is no change to the progression of lower highs seen over the past three weeks, and until this happens we expect further losses here.
DAX looks to hold 200-day SMA
The price of the DAX is holding above the lows of last week, as it hovers above the 200-day simple moving average (SMA) of 12,192.
Gains at the end of last week stalled around 12,550, so if we are to see a recovery this is the first area to watch. Beyond this 12,900 comes into view. Below the 200-day SMA the price targets 12,000 and then down to 11,715.
S&P 500 holds near recent peak
The S&P 500 staged a last-minute rebound on Friday that saw it recovery its losses and bounce from 3215 for the second time in as many days.
Further gains towards 3300 would renew the uptrend, while a breach of 3200 is required to open the way to more downside.
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
