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S&P 500 & FTSE 100 Outlook: Crucial Support Curbs Further Losses For Now

S&P 500 & FTSE 100 Outlook: Crucial Support Curbs Further Losses For Now

Justin McQueen, Strategist

Equity Analysis and News

Price200DMARSIIG Sentiment
Europe
FTSE 1007048740657Mixed
DAX114261235148Mixed
CAC 405075533854Mixed
FTSE MIB190202176057-
US
S&P 5002792276158Bearish
DJIA260742508059Bearish
Nasdaq 1006820685253-
Asia
Nikkei 225217742247842-
Shanghai Composite2632297354-
ASX 2005732605456-

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FTSE 100 | Riding the Brexit Storm

IG CLIENT SENTIMENT ON FTSE 100

Rising trendline support situated at 6950 from the post US-election low has curbed the FTSE 100 from further losses as the index rides the Brexit storm. Upside for the FTSE 100 remains limited after last week’s failure to consolidate above 7200, as such, focus is back on support at 6950-7000, which continues to hold. Given the volatility in GBP and the lack of firm direction, the FTSE 100 has also seen relatively choppy price action. With volatility set to continue, it is likely that the FTSE 100 will remain choppy.

FTSE 100 Price Chart: Daily Time Frame (Mar – Nov 2018)

S&P 500 | Eyes Back on 2700

IG CLIENT SENTIMENT ON S&P 500

As mentioned last week, the key Fibonacci Retracement at 2811 had saw renewed selling in the S&P 500 with the index now making a return to the 2700 level. Alongside this, cyclical stocks have continued to underperform relative to defensive stocks, consequently risks are increasingly tilted to the downside for the broader index. As it stands however, support at 38.2% Fibo is holding for now, while a close below could see the index make a run on the 2700 handle.

How to Trade the S&P 500

S&P 500 Price Chart: Daily Time Frame (Dec 2017Nov 2018)

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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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