Equity Analysis and News
- US equity futures are pointing to further gains at the Wall Street open
- Fed rate decision poses key risk
| Price | 50DMA | 100DMA | 200DMA | RSI | IG Sentiment | |
|---|---|---|---|---|---|---|
| Europe | ||||||
| FTSE 100 | 7512 | 7508 | 7582 | 7458 | 59 | Mixed |
| DAX | 12353 | 12342 | 12485 | 12484 | 55 | Bullish |
| CAC 40 | 5495 | 5408 | 5409 | 5371 | 64 | Bullish |
| US | ||||||
| S&P 500 | 2922 | 2875 | 2823 | 2757 | 60 | Mixed |
| DJIA | 26548 | 25875 | 25371 | 24977 | 65 | Mixed |
| Nasdaq 100 | 7586 | 7480 | 7351 | 7060 | 55 | - |
S&P 500
S&P 500 futures are firmer heading into the Wall Street open with gains of 0.25%. Markets remain somewhat cautious ahead of the FOMC rate decision, in which the central bank is expected to raise interest rates. However, focus will be on the dot plot projections alongside the commentary within the monetary policy statement with eyes on whether the Fed drop the word “accommodative”.
The S&P 500 remains above the 2889-2899 value area, which in turn keeps the outlook modestly bullish for the index. Given the continued rise in oil prices, which are now at 4yr highs, sentiment remains supportive, suggesting that there may be a move towards 2940.
Dow Jones Industrial Average
Following last week’s fresh record high in the Dow Jones, the index has pulled back slightly. Support in the index is situated at 26355, in which prices above this level suggest that momentum to the upside is set to continue. Futures are pointing towards gains of 0.4%.
NASDAQ 100
Nasdaq 100 back above the 7540-7603 bullish value area, increasing the prospects revisiting the all-time high at 7697. However, failure to consolidate above 7603 could suggest prices may fall back towards 7390-7451 pivot area. Futures are pointing to slight gains for the Nasdaq 100.
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--- Written by Justin McQueen, Market Analyst
To contact Justin, email him at Justin.mcqueen@ig.com
Follow Justin on Twitter @JMcQueenFX
