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S&P 500, FTSE 100 Technical Weekly Forecast: Bearish Reversal

S&P 500, FTSE 100 Technical Weekly Forecast: Bearish Reversal

Justin McQueen, Strategist

S&P 500, FTSE 100 Analysis and News

S&P 500 | Potential Top

The inability for the S&P 500 to consolidate above the 61.8% Fibonacci retracement raises the likelihood that the index may have topped out. Alongside this with the index below 2888 this adds to the bearish momentum. Eyes look for support at 2790 opens the door for a move towards 2728.

S&P 500 Price Chart: Daily Time Frame

S&P 500 Price Chart

Source: IG Charts

FTSE 100 | Reversing Aprils Surge

The rejection of the 50% Fibonacci retracement leaves the FTSE 100 vulnerable to additional losses, particularly with the index back below the 38.2% Fibonacci retracement. Near term support is situated at 5737, however, failure to hold leaves room for greater downside towards 5510. On the topside, resistance is situated at the psychological 6000 level.

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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