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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.

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Levels to watch: FTSE, DAX and Dow

European and US markets have switched places, with the FTSE 100 and DAX looking likely to break higher amid potential further weakness for the Dow.

anonymous

Publication date : 2017-08-09T08:45:50+0100

DAX trader
Source: Bloomberg

FTSE 100 in retracement mode following last week’s rally

The FTSE 100 managed to break below the crucial 7516 support level yesterday, providing a clue that that we are likely to retrace from here.

Keep an eye out for the 61.8% and 76.4% retracements for support, with longs preferred around those levels. We would need to break below 7457 to negate this bullish view.

FTSE chart

FTSE chart

FTSE chart

DAX expected to turn higher despite selling pressure

The DAX has pulled back to the 61.8% this morning, set within what looks like a bottoming formation over the past two weeks. This means that there is a good chance we will move higher from here.

As such, bullish positions are favoured as long as the price remains above the 12,098 level. 

DAX chart

DAX chart

DAX chart

Dow breaks lower from recent uptrend

The Dow Jones sold off sharply overnight, with the break below 22,082 paving the way for a strong move lower. That points towards further downside to come, with that same 22,082 level as potential resistance.

A break above the 22,179 level would point towards a continuation of the uptrend, yet for now it looks like we could see the Dow come off somewhat.

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.

IG is a trading name of IG Markets Ltd and IG Markets South Africa Limited. 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 order to utilise their foreign investment allowance should the South African resident wish to open an offshore account with IG Markets Limited.

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