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Equities are flat as Tuesday’s pancakes as investors digest yet another Trump-inspired market surge, one which took both the UK Index and Wall St to fresh record highs. While the USD remains strong on expectations of a mid-month Fed rate hike, its inability to better yesterday’s highs means no additional GBP and EUR weakness to benefit the UK Index and DAX. With markets having rallied so hard, and so close to record highs, investors are perhaps also waiting to see how ravenous the appetite is for shares in Snap when the company IPOs on the NYSE this afternoon.
Driving the UK blue-chip index are Banks (HSBC), Miners (RIO, BHP, GLEN) and Healthcare (AZN, SHP) offsetting a similarly strong drag from the defensive mish-mash of ULVR, STAN, DGE, CPI, PRU and TSCO. Germany’s DAX sees gains in BASF and E.ON countered by hindrance from Deutsche Telekom and Linde.
UK 100 sideways 7370-7395 since yesterday afternoon, awaiting next driver. DAX 30 in falling channel that could be a bullish flag that propels the index beyond 12100. Dow Jones Futures could be forming yet another bullish flag, to 21500. Gold holds around $1240 twin support, but will it bounce or break?
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The UK 100 is sideways 7370-7395 since yesterday afternoon, awaiting its next driver. bullish flag pause?
Watch levels: Bullish 7400, Bearish 7365
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 in falling channel that could be a bullish flag that propels the index beyond 12100.
Watch levels: Bullish 12080, Bearish 12055
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 could be forming yet another bullish flag, to 21500. Or are they headed back to the channel floor? RSI holding in bullish territory.
Watch levels: Bullish 21,120, Bearish 21,080
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 holds around $1240 twin support, but will it bounce or break? Correction on the cards or bullish flags still valid?
Watch levels: Bullish $1246, Bearish $1239
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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