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  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Silver: 0.78% Gold: 0.33% Oil - US Crude: -0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/hZI8d9syK7
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  • EU and US announce a temporary truce as both agree to set up path to end WTO steel dispute
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: France 40: -0.16% Germany 30: -0.18% US 500: -0.22% Wall Street: -0.26% FTSE 100: -0.45% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/VX5wOdKk8m
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  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.36%, while traders in France 40 are at opposite extremes with 77.35%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/C04UY1TrKt
S&P 500 & FTSE 100 Fundamental Forecast

S&P 500 & FTSE 100 Fundamental Forecast

Justin McQueen, Analyst
S&P500 2-Hour Price Chart

Equity Analysis and News

  • FTSE 100 | Domestic Stocks (FTSE 250) Outperform International stocks (FTSE 100)
  • S&P 500 | US-China Interim Deal Needed for Next Leg Higher
Currency Performance Chart

Source: Thomson Reuters, DailyFX

Politics remains the key driver for risk assets. Rising optimism pertaining to US-China trade talks and Brexit negotiations have lifted equity markets to close the week on a high note. However, while optimism have buoyed risk sentiment, we ask ourselves the critical question of “deal or no deal?”.

FTSE 100 | Domestic Stocks (FTSE 250) Outperform International stocks (FTSE 100)

The Pound is set to record its largest 2-day advance in over a decade as both the UK and Ireland highlighted that there is a “pathway to a deal”, while EU Chief Negotiator Barnier had been given the greenlight for tunnel negotiations. Consequently, this has seen domestics stocks (FTSE 250) outperform international stocks (FTSE 100). However, going forward, the response from DUP will be key, given that this will be crucial for the likelihood of a deal getting through parliament.

Correlation between FTSE 100/FTSE 250 and Sterling

FTSE 100 Price Chart: Daily Time Frame (May 2019 – Sep 2019)

FTSE 100 Daily Price Chart

S&P 500 | US-China Interim Deal Needed for Next Leg Higher

In the event-driven backdrop, the S&P 500 has recovered from its recent drop as markets investors grow increasingly optimistic over a potential interim trade agreement between the US and China. If indeed an agreement is found, the S&P 500 would likely see a topside breach of the 3000 level with further buying in the index extending throughout the week.

S&P 500 Chart: Daily Time Frame (Feb 2019 – Sep 2019)

SPX Daily Price Chart

RESOURCES FOR FOREX & CFD TRADERS

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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