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Global equities are in the red as investors digest a surge in Chinese imports that suggests successful economic transition, but an export slowdown that begs questions about global demand. They also continue to wrestle with political uncertainty and a looming Fed rate rise. Whilst a strong USD depresses both the EUR and GBP, normally a benefit for the DAX and UK Index , both indices are moving more on corporate news and/or macro-economic read across.
The UK’s UK 100 is held back by weakness in Oil (US API stockpile build), Healthcare (Trump pricing), Tobacco (UK budget sensitive) and Utilities (interest rate hike losers). This is countering strength among risk assets such as Miners (China imports) and Banks (interest rate hike winners). Germany’s DAX outperforms, thanks to well-received results from Adidas and gains for Banks overpowering losses in Utilities, both sectors performing much like their UK counterparts.
The UK Index 100 has turned around for another bearish test of 7310 support. The DAX 30 has pulled back from a rebound and bullish test of 12000. Dow Jones Futures bounced from 20860 but remain hampered by falling resistance at 20920. Gold has broken below $1220 to extend its decline, hindered a strong USD on expectations of a Fed rate hike.
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UK 100 has turned around for another bearish test of 7310 support. Rising support to revive bullishness?
Watch levels: Bullish 7330, Bearish 7305
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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DAX 30 has pulled back from a rebound and bullish test of 12000
Watch levels: Bullish 11960, Bearish 11925
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 bounced from 20860 but remain hampered by falling resistance at 20920. Breakout or breakdown?
Watch levels: Bullish 20,925, Bearish 20,880
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 broken below $1220 to extend its decline, hindered a strong USD on expectations of a Fed rate hike.
Watch levels: Bullish $1216, Bearish $1210
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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