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S&P 500, DAX Technical Forecast

S&P 500, DAX Technical Forecast

2019-06-08 10:00:00
Justin McQueen, Analyst
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S&P 500, DAX Analysis and News

  • S&P 500 | Topside Resistance Holding
  • DAX | Trendline Curbs Further Upside

SPX

Source: Thomson Reuters, DailyFX

S&P 500 |An impressive start to the month with the S&P 500 rise over 4.5% so far. Dovish commentary from Fed officials helped change the sentiment in the index, this had also coincided with support zone holding at the March lows of 2720-40. Consequently, with 2800 showing little in the way of resistance, the index is back towards 2885-90, which had previously been rejected. On the downside, support is situated at 2830.

S&P Price Chart: Daily Time Frame (Dec 2018 – June 2019)

SPX

DAX | Trendline Curbs Further Upside

Much like global equities, the DAX has also started the month on the front foot with gains of over 3%. However, further upside in the index has been curbed by the descending trendline from the 2019 peak. As such, for the bullish momentum to persist a closing break is needed to extend towards 12200, while a firm rejection from the trendline resistance exposes the 50% fib support situated 11887.

DAX Price Chart: Daily Time Frame (Dec 2017 – June 2019)

DAX

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--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

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