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S&P 500, FTSE 100 Technical Outlook For Next Week

S&P 500, FTSE 100 Technical Outlook For Next Week

2020-07-26 12:00:00
Justin McQueen, Analyst
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S&P 500, FTSE 100 Analysis and News

  • S&P 500 | Divergence Raises Risk of Pullback
  • FTSE 100 | Challenging Bottom of Range

S&P 500 | Divergence Raises Risk of Pullback

Since the rejection of 3300, the S&P 500 remains sluggish, however, the index continues to hold support stemming from 3214. That said, slowing momentum suggests that further upside may be hard to come by in the next week. Alongside this, the bearish RSI divergence signals that the S&P 500 is at risk of a larger pullback. Failure to hold 3214, would leave the 50DMA (3150) exposed, which is critical to maintain the uptrend.

US 500 BEARISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 1% -1% 0%
Weekly 7% 4% 4%
What does it mean for price action?
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S&P 500 Price Chart: Daily Time Frame

S&P 500 Chart

Source: IG

10 Most Popular Candlestick Patterns

FTSE 100 | Challenging Bottom of Range

The FTSE 100 struggles to maintain a foothold the above the 50% Fibonacci retracement and thus continues to remain within a range. That said, failure for 6082 to hold raises the risk of a pullback in the index, which in turn could expose the 6000 on the downside before hitting support at 5890 (38.2% Fibonacci retracement). On the topside, a break above 6400 is needed, to curb the short term bearish outlook on the index.

FTSE 100 MIXED
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 1% 0% 1%
Weekly -12% 28% -3%
What does it mean for price action?
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FTSE 100 Price Chart: Daily Time Frame

Please add a description for the image.

Source: IG

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