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S&P 500, DAX 30 and FTSE 100 Forecasts for the Week Ahead

S&P 500, DAX 30 and FTSE 100 Forecasts for the Week Ahead

2020-05-31 12:00:00
Justin McQueen, Analyst
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SPX500

S&P 500, DAX 30, FTSE 100 Analysis and News

  • S&P 500 | Escalation in US-China Tensions Raises Macro Risk
  • DAX | ECB Ready to Boost PEPP
  • FTSE 100 | Eyes on EU-UK Trade Talks
Index performance chart

Source: DailyFX

S&P 500 | Escalation in US-China Tensions Raises Macro Risk

Key technical breaks see the S&P 500 back to early March levels having pierced the 200DMA and 3000 level. This is despite the rising tensions between the US and China, particularly after China passed the Hong Kong Security Bill. Fears over the potential re-emergence of a trade war are likely misguided in the short-term, however, the rising uncertainty will likely see further upside capped. Downside support situated at 2930-50.

US 500 MIXED
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 3% 2% 2%
Weekly -18% 14% 4%
What does it mean for price action?
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S&P 500 Price Chart: Daily Time Frame

S&P 500 Chart

Source: IG Charts

DAX | ECB Ready to Boost PEPP

The beginning of the week saw the European Commission announce its recovery aid proposal, which propelled European assets higher with the DAX trading at its highest level since the beginning of March. However, with the “frugal four” already highlighting that the package should largely be in the form of loans, tough negotiations are ahead. Alongside this, the ECB is due to release its latest monetary policy decision, expectations are for the central bank to expand PEPP (Pandemic Emergency Purchase Programme). However, with US-China tensions persisting, risks are asymmetrically tilted to the downside, 12000 level likely to be a tough nut to crack.

Germany 30 MIXED
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 5% 0% 1%
Weekly -11% 12% 4%
What does it mean for price action?
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DAX 30 Price Chart: Daily Time Frame

DAX 30 CHart

FTSE 100 | Eyes on EU-UK Trade Talks

EU-UK trade negotiations are at the forefront of investors’ minds. Although, given that both parties have shown little signals that they are willing to break away from its red-lines, the chance of a breakthrough appears minimal. Therefore, the absence of notable progress will in turn heighten no-deal Brexit risks and thus keep UK assets on the backfoot.

FTSE 100 BEARISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 0% -1% 0%
Weekly 17% -2% 10%
What does it mean for price action?
Get My Guide

FTSE 100 Price Chart: Daily Time Frame

FTSE 100 Price chart

Source: IG Charts

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--- Written by Justin McQueen, Market Analyst

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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