S&P 500, FTSE 100 Technical Forecast
S&P 500, Dow Jones Analysis and News
Source: Thomson Reuters, DailyFX
S&P 500 |The index has managed to maintain a foothold above the psychological 2900 level. However, gains have been limited thus far with topside resistance situated at 2940 continuing to curb further upside, while the 50DMA resides at 2948. That said, given the escalation in trade tensions with China announcing that they will place 5-10% tariffs on $75bln worth of US goods, the index is vulnerable to a pullback towards Fibonacci support at 2860.
S&P Price Chart: Daily Time Frame (Nov 2018 – Aug 2019)
FTSE 100 | A slightly positive week for the FTSE 100, however, the index had underperformed relative to its major counterparts as the Pound jumped to 3-month highs. Consequently, the FTSE 100 is still on course to post its worst monthly performance in 4yrs. On the technical front, the 200DMA at 7200 has capped gains in the index, in what has been a relatively subdued week for the FTSE. Fibonacci support resides at 7115, in which a closing break below increases the risk of a test of trendline support.
FTSE 100 Price Chart: Daily Timeframe (Oct 18 – Aug 19)
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--- Written by Justin McQueen, Market Analyst
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.