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S&P 500, DAX 30, FTSE 100 Forecasts: Risk of Topping Out

S&P 500, DAX 30, FTSE 100 Forecasts: Risk of Topping Out

2020-04-18 10:00:00
Justin McQueen, Analyst
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S&P 500, DAX 30 & FTSE 100 Analysis and News

  • S&P 500 | Weakness Showing After Topside Rejection
  • DAX | Rally to Fade?
  • FTSE 100 | Risk of Pronounced Pullback

S&P 500 | Weakness Showing After Topside Rejection

Signs of weakness beginning to show for the S&P 500 after rejecting the key resistance zone at 2890-2900. Much of the upside in the index has been relatively light in volumes, suggesting that the recent gains have been somewhat corrective. That said, near-term support is situated at 2790-2800 with a break below raising the likelihood of a slide towards 2730. On the topside, above 2900 would put 2933 in focus.

US 500 BEARISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 5% 2% 3%
Weekly 7% 1% 2%
What does it mean for price action?
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S&P 500 Price Chart: Daily Time Frame

S&P500 Price Chart

Source: IG Charts

DAX | Rally to Fade?

In recent sessions, the DAX has continued to find support on dips to 10,200. As such, this would be the first hurdle for sellers to overcome and extend a move south of the 10,000 level where a close below the 23.6% fib could confirm a near-term top. That said, we would look for a retest provided resistance at the 50% Fibonacci retracement situated 10,900 holds. Failure to hold however, would likely put the 11200-400 gap in focus, which risk capping rallies in the index.

Germany 30 BULLISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -13% 5% -2%
Weekly -14% 19% 5%
What does it mean for price action?
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DAX 30 Price Chart: Daily Time Frame

DAX 30 price chart

Source: IG Charts

FTSE 100 | Risk of Pronounced Pullback

The FTSE 100 posted modest losses of over 1.2% for the week, which in turn has raised the risk of a more pronounced pullback from its corrective rally. As the FTSE 100 trades below the 38.2% Fibonacci retracement, focus on the downside is at 5510 with key support at 5350. Failure to hold would confirm a near term bearish set up with risks towards a move south of 5000.

FTSE 100 BULLISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -8% 4% -2%
Weekly -4% 5% 0%
What does it mean for price action?
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FTSE 100 Price Chart: Daily Time Frame

FTSE 100 Price Chart

Source: IG Charts

How to Trade FTSE 100

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--- Written by Justin McQueen, Market Analyst

Follow Justin on Twitter @JMcQueenFX

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