Levels to watch: FTSE, DAX and S&P 500
After yesterday’s surge, indices are under pressure, with the DAX in particular suffering heavily in the wake of a poor German manufacturing PMI.
FTSE 100 still in an uptrend
Dips continue to be bought here for the FTSE 100, and an overnight drop towards 7325 may provide an entry point for fresh buyers.
Above 7370, the high from Thursday, the index will continue to head towards 7450 and trendline resistance from the all-time high. A move below 7260 is needed to provide a more bearish view.
DAX thumped by German PMI reading
The DAX had already looked weak this morning and a dire German manufacturing purchasing managers index (PMI) figure provided a catalyst for further selling. The low from Thursday, 11,450, is now in sight, and below this 11,415 comes into play.
Near-term rallies have run into selling pressure, so any bounce that fails to clear 11,620 remains another selling opportunity.
S&P 500 edges off new 2019 high
A fresh high for the year confirms the uptrend, and the S&P 500 is now less than 3% from its previous all-time high.
Dips towards 2810 remain possible buying opportunities, while near-term targets lie around 2869 and then 2940.
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
