The FTSE 100 is the leading indicator to the downside on the DAX and S&P 500, commented Zak Mir, technical analyst for Zak’s Traders Café, when he joined Nick Batsford on the Tip TV Finance Show to discuss the outlook for FTSE 100, DAX, S&P 500, NASDAQ, IOG, CBUY and 88E.
In terms of the FTSE 100, Mir noted this as the major concern, as 6000 is normally psychological support for the market. This led him to the DAX, where he believed the index to be 1000 points higher than the FTSE equivalent.
Mir highlighted that IOG looks encouraging, with a gap through the 50-DMA, a break of the 200-DMA and a hammer candle, so he expected the stock to reach 10/11p and could go a lot higher from there.
To see more technical analysis on the S&P 500, NASDAQ, CBUY and 88E.
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