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

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

2020-10-10 08:00:00
Justin McQueen, Analyst
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S&P 500, FTSE 100 Analysis and News

  • S&P 500 | Back and Forth Politics Dictates Risk Sentiment
  • FTSE 100 |EU-UK Summit in Focus for UK Assets
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Cross Asset 1-Week and 2-Week Performance

Stocks Price Chart S&P 500 FTSE 100 Correlation with FX

Source: DailyFX, Refinitiv

S&P 500 | Back and Forth Politics Dictates Risk Sentiment

The back and forth state of US politics regarding another stimulus package continued to draw attention and will likely continue to dictate risk sentiment next week. While talks between Speaker Pelosi and Treasury Secretary Mnuchin will continue, the key focus is the stance from Senate Leader McConnell. That said, the path of least resistance remains higher in the absence of notable catalysts. What also has become apparent over the past week is that the blue wave trade is in full throttle. This has been particularly evident in the bond market with 30yrs yields above its 200DMA for the first time since Q1 2019, given that a blue wave means significant stimulus in the new year. On the topside, resistance is situated at 3490-3500.

US 500 MIXED
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -9% 1% -4%
Weekly 8% -16% -6%
What does it mean for price action?
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S&P 500 Price Chart: Daily Time Frame

SP 500 Price Chart Weekly Stock Market Outlook

Source: IG Charts

FTSE 100 | EU-UK Summit in Focus for UK Assets

As we near the de-facto deadline for a Brexit agreement (Oct 15th EU Summit), EU-UK trade negotiations will remain the dominant driver for UK assets. As it stands, fisheries is among the key stumbling blocks to making an agreement, however, given its small contribution to growth overall in the UK, it is unlikely to lead to a breakdown in talks and thus my base is still for a deal to be eventually made.

FTSE 100 BULLISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 0% 7% 1%
Weekly -5% 3% -4%
What does it mean for price action?
Get My Guide

FTSE 100 Price Chart: Daily Time Frame

FTSE 100 Price Chart UKX Stock Market Outlook

Source: IG Charts

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--- Written by Justin McQueen, Market Analyst

Follow Justin on Twitter @JMcQueenFX

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