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Equities are posting small gains early into the new week, investors eager to keep fuelling the fire of an already strong Santa Rally (4-10%), trying to get the UK Index back towards October 7135 all-time highs, the DAX to fresh 12-month highs >11450 and Wall St to that magic 20,000 mark. Corporate news may be sparse as we head into Christmas, but geopolitics is back with Sino-American relations tested over the weekend. Investors also continue to digest a hawkish Fed and the potential damage that further USD strengthening could inflict on emerging markets. Commodities ex-oil and Miners are weak as a result whilst there is caution towards banks as we await the outcome of a last ditch attempt to rescue beleaguered Italian lender Monte dei Paschi.
The UK 100 is testing 7000, still holding rising support at 6990. The DAX 30 is holding its December uptrend at 14000, trying to extend its current breakout to fresh 13-month highs. Dow Jones Futures are sideways around 19885, up from Friday’s lows but note falling highs since last Thursday’s all-time highs. Gold has bounced but already found resistance at $1140 to keep its 6-week downtrend on track.
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The UK 100 is testing 7000, still holding rising support at 6990. Narrow range. Bullish continuation pattern?
Watch levels: Bullish 7015, Bearish 6975
Solid Green line
Possible support
Solid Red line
Possible resistance
Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.
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The DAX 30 is holding its December uptrend at 14000, trying to extend its current breakout to fresh 13-month highs.
Watch levels: Bullish 11440, Bearish 11370
Solid Green line
Possible support
Solid Red line
Possible resistance
Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.
Click here for help with Support & Resistance Click here for help with technicals
Dow Jones Futures are sideways around 19885, up from Friday’s lows but note falling highs since last Thursday’s all-time highs.
Watch levels: Bullish 19900, Bearish 19875
Solid Green line
Possible support
Solid Red line
Possible resistance
Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.
Click here for help with Support & Resistance Click here for help with technicals
Gold has bounced but already found resistance at $1140 to keep its 6-week downtrend on track.
Watch levels: Bullish $1141, Bearish $1136
Solid Green line
Possible support
Solid Red line
Possible resistance
Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.
Click here for help with Support & Resistance Click here for help with technicals
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