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Levels to watch: FTSE 100, DAX and Dow

European markets look set for further downside despite overnight bounce. However, the dollar weakness looks set to ensure US markets outperform.

anonymous

Publication date : 2017-08-30T09:16:51+0100

Market data
Source: Bloomberg

FTSE 100 breaking higher after yesterday’s declines

The FTSE 100 continues its recent descending triangle formation, with the creation of lower highs accompanied by flatlining lows. While we have seen sharp gains overnight, there is a strong chance that we will see the price form yet another lower high before moving back towards the crucial 7294 support level.

As such, a move into the 70%-76.4% retracement zone looks like an interesting area for shorts, where a bullish outlook would only come into play with a break above 7446.

FTSE 100 chart

FTSE 100 chart

FTSE 100 chart

DAX rebound looks unlikely to last

The DAX is pushing higher after a triangle breakdown took the price into a five-month low. While we are seeing a rebound now, this looks likely to be a precursor to another move lower. Perhaps when Kim Jong Un decides to ramp up tensions once more. In any case, there is a good chance of short-term gains, yet such gains would be perceived as a potential shorting opportunity.

A break through 12,176 would be required to negate this bearish outlook. Look out for potential shorting opportunities between 12,058 (61.8%) and 12,103 (76.4%).

DAX chart

DAX chart
DAX chart

Dow punches through key resistance level

The Dow Jones has performed remarkably well, with the weakening dollar helping US markets outperform. With the price having pulled back into the wider 21,634 level (76.4% retracement), we have seen yet another 76.4% pullback yesterday, with the price rallying up through 21,914.

That means we have now seen the August downtrend negated, with the creation of a higher lower followed up by a new higher high. As such, while we could easily see another strong move lower from here, it would take a break below yesterday’s low of 21,646 to provide a renewed bearish outlook. Until then, there is a good chance that any move lower from here is a retracement of the rally from 21,646, before the market moves higher once more.

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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