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Levels to watch: FTSE, DAX and Dow

Indices pull back following a sharp ascent, yet will this be a shallow or deep pullback? 

anonymous

Publication date : 2017-06-05T09:26:01+0100

German stock exchange
Source: Bloomberg

FTSE pulls back to SMA support

The FTSE has been moving lower at the start of this week, following the high created on Friday morning. While this doesn’t look good on the face of it, the chart shows that this is just the latest in a series of challenges of the 50-period simple moving average (SMA).

The market is in a clear uptrend and this is unlikely to end here, with a break below 7510 required to provide a more bearish slant. Until then, the price is approaching the 70% retracement and thus a long around here looks attractive. A bullish outlook remains in place until we break below 7510.

FTSE chart

FTSE chart

FTSE chart

DAX pulling back after a strong rally

The DAX is falling back after a strong move higher to end last week. The failure to break through 12,882 on Friday shows a potential weakening of this trend, with an hourly close below 12,789 required to provide a bearish short-term view.

Until then, there is a chance we could turn higher and begin to create a symmetrical triangle formation. As such, the 12,789 level is going to be a key determinant of the outlook for the short term, with a break below that level pointing towards a retracement of the rally from 12,578.

DAX chart

DAX chart

DAX chart

Dow looking unconvincing after recent rally

The Dow Jones is looking a little lost after a strong rally in the second half of last week. There are some key levels here that need breaking for the short-term directional bias to be more clearly established. Firstly, the wider trend is clearly bullish and that has to factor into thinking. However, for the short term, we would need an hourly close below 21,174 to provide a more bearish view, with a break of 21,129 pointing towards a strong move lower towards the 21,080 region.

Conversely, to the upside we would be looking for a break of the previous high at 21,229 to prove the trend is simply going to persist with little downside. In either case, the medium term is expected to see the Dow push higher once more. The question is just whether we will see a pullback first. 

Dow Jones chart

Dow Jones chart

Dow Jones chart

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This information has been prepared by IG, a trading name of IG Markets Limited 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. International accounts are offered by IG Markets Limited in the UK (FCA Number 195355), a juristic representative of IG Markets South Africa Limited (FSP No 41393). South African residents are required to obtain the necessary tax clearance certificates in line with their foreign investment allowance and may not use credit or debit cards to fund their international account.

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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. Clients can lose more than they deposit. All trading involves risk.

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