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FTSE 100, S&P 500 Weekly Technical Forecast: Breaking Down Key Support

FTSE 100, S&P 500 Weekly Technical Forecast: Breaking Down Key Support

2020-02-01 22:00:00
Justin McQueen, Analyst
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FTSE 100, S&P 500 Analysis and News

FTSE 100 | Break Downs Key Support

The FTSE 100 is back in the middle of its range following a sharp sell-off to close out the week. A firm break below the 200DMA (7377) raises downside risks for the index with eyes on key support at 7210, which marks the trendline stemming from the 2018 low. A tough level to break and one where we would expect some selling pressure to ease up. That said a downside break raises scope for a test of the low 7100s.

Support

Resistance

7261

38.2% Fib

7377

200DMA

7210

Trendline

7404

100DMA

7116

50% Fib

7440

23.6% Fib

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FTSE 100 Price Chart: Daily Time Frame

Daily FTSE 100 Price Chart

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S&P 500 | At Risk of Further Set-backs

The S&P 500 has fallen out of its rising channel, which in turn has raised the risk of further set-backs in the index. Near-term support zone is situated at 3225-40, which could see selling abate somewhat, however, a break below puts focus on 3180 (Jan 8th). The outlook remains cautious given the continued uncertainty regarding the spread of the Coronavirus.

Support

Resistance

3238

50DMA

3280

Trendline

3224

23.6% Fib

3300

-

3180

Jan 8th low

3335-40

-

S&P 500 Price Chart: Daily Time Frame

Daily SPX Price Chart

Chart by IG

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--- Written by Justin McQueen, Market Analyst

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