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Major equity indices are positive with the UK Index and DAX outperforming a rebound by Wall St futures in spite of USD weakness ahead of a Brexit vote and Fed meeting this evening. Sentiment is buoyed by a conventional Trump nomination to the Supreme court coupled with some solid Chinese and European PMI readings. Driving the UK’s UK Index this morning is Healthcare on a Trump pledge to reduce red tape for new medicines while Oil, Banks (Trump deregulation), Telecoms (BT bounce), consumer non-cyclicals and Miners (Copper) help out too. The DAX is gaining on strength among Industrials and Financials.
The UK 100 is flirting with a breakout beyond 2-week falling highs resistance at 7150. The DAX 30 has bounced to test 11650, its own falling highs resistance looming. Dow Jones Futures may have broken beyond 3-day falling highs but faces intersecting resistance at 19915. Gold has recovered to $1210, potentially on the second leg of another bullish flag.
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The UK 100 is flirting with a breakout beyond 2-week falling highs resistance at 7150, but looks hampered shallow rising resistance at 7170. Watch for today’s rising lows at 7145 that could help with another test north. A breach, however, could take us back towards 7100.
Watch levels: Bullish 7175, Bearish 7140
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 has bounced to test 11650, its own falling highs resistance looming. Can it breakout? Will it tease like the UK Index ?
Watch levels: Bullish 11685, Bearish 11625
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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Dow Jones Futures may have broken beyond 3-day falling highs at 19875, but already faces intersecting resistance at 19915. Does a rebounding RSI from oversold mean upside will prevail?
Watch levels: Bullish 19,925, Bearish 19,880
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 recovered to $1210, potentially in the second leg of another bullish flag. This one might even help it break above $1220 for the first time since late November.
Watch levels: Bullish $1213, Bearish $1209
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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