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.
| Change in | Longs | Shorts | OI |
| Daily | -15% | 8% | -1% |
| Weekly | -7% | 3% | 0% |
S&P 500 Price Chart: Daily Time Frame
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.
| Change in | Longs | Shorts | OI |
| Daily | -21% | 13% | -10% |
| Weekly | 0% | -8% | -4% |
FTSE 100 Price Chart: Daily Time Frame
Source: IG Charts
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--- Written by Justin McQueen, Market Analyst
Follow Justin on Twitter @JMcQueenFX
