Stock Market : Weekly Preview
(Sun, 7 Jun 2020). S&P 500, Nasdaq 100, FTSE 100 Technical Outlook For Next Week
S&P 500, FTSE 100 ANALYSIS AND NEWS
The S&P 500 has broken above key resistance in the form of the 76.4% Fibonacci retracement of the Q1 crash, which in turn has opened the door to further gains. Eyes will be on the weekly close, whereby a hold above 3200 may keep topside resistance at 3260 within its site. While bullish momentum this week has shown little signs of easing, 3260 could pave the way for slight consolidation. Alongside this, given the size of the rally in equities, current levels suggest that the best may be behind us, much like the Nasdaq 100, which hit a fresh record high. On the downside, support in the S&P 500 is situated in the low 3100s.
FTSE 100 | RECOVERY EXTENDS
Despite lagging its major counterparts, the FTSE 100 has gone from strength to strength after breaking above the 50% retracement of the Q1 sell-off, while also closing the early March gap. That said, the FTSE 100 looks to potentially extend its recovery toward the first hurdle at the 61.8% fib at 6579 before the 200DMA (6747).
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