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Equity Analysis and News

  • S&P 500 | Trendline Breach as Fed Caves
  • FTSE 100 | Pivotal 7000 Level Breached
  • FTSE MIB | Key Resistance Holds Firm, Eyes on Pivotal Support

Looking for a fundamental perspective on Equity? Check out the Weekly Equity Fundamental Forecast.

S&P 500 | Trendline Breach as Fed Caves

S&P 500 made the breach above the descending trendline from the record high after the Fed caved into the market. However, the 2700 level, which coincides with the 61.8% Fibo has curbed further upside for now. A breakout could see 2800 tested, although given the slight negative RSI divergence, recent upside is vulnerable to slight pullbacks.

S&P 500 Price Chart: Daily Time Frame (Jul 2018 – Jan 2019)

SP500

FTSE 100 | Pivotal 7000 Level Breached

Gains in the FTSE 100 looks to have slowed after reaching the pivotal 7000 level. Previous attempts to consolidate above 7000 had been rejected, however, given the break above the descending trendline and provided there is a weekly close above 7000, momentum could be towards further upside. Topside resistance situated at 7140.

FTSE 100 Price Chart: Daily Time Frame (Jun 2018 – Feb 2019)

FTSE100

FTSE MIB | Key Resistance Holds Firm, Eyes on Pivotal Support

The FTSE MIB retraces gains following the rejection at the October 17th. Alongside this, as had been highlighted last week, the daily RSI continues to show a negative divergence, which in turn increases the scope for a more pronounced pullback with eyes back on 19270, prior to a potential test of 19000. Little signs of progress in the Italian economy after the country entered a technical recession, which may re-ignite the deficit target debate.

FTSE MIB Price Chart: Daily Time Frame (Sep 2018 – Feb 2019)

FTSE MIB

RESOURCES FOR FOREX & CFD TRADERS

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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

Other Weekly Technical Forecast:

AUD Forecast – AUD/USD and AUD/JPY May Extend Climbs as AUD/CAD Holds its Ground

NZD Forecast – NZDUSD Rally May Stall at Resistance, NZDCAD to Test Support

Oil Forecast – Sharp Rebound Meets Inflection Point

British Pound Forecast – Charts Levels Remain Intact

US Dollar Forecast – Dollar Avoids Critical Breakdown, But for How Long?

Gold Forecast – Rally Eyes Resistance at 8-Month Highs

Euro Forecast –Levels to Watch High & Low