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Investors are uncertain into the long weekend, understandably so in our opinion, as early-week bullishness comes off the boil. Trump has again failed to convince us that he can get Congress onside with his pro-growth policies. Results season has been good, but geopolitical risk simmers away with a North Korean threat and uncertain French election outcome. Uninspiring macro data prints and what could happen between now and Tuesday also contributes to waning optimism.
The UK Index is trading 4-day lows with losses for BARC (disappointing results) and GBP strength weighing on big name international defensives (RB, AZN, BATS, DGE), overpowering gains for Miners and Oil majors (Oil price rebound) and UK banks (RBS results). The DAX is break-even with Commerzbank and Deutsche Post fighting off RWE, Vonovia, and Heidelberg Cement.
The UK Index 100 has broken below yesterday’s lows of 7225 now in a 2-day falling channel. The DAX 30 remains in a 12400-12460 falling channel from Tuesday’s record highs. Dow Jones Futures have bounced off rising support at 20940. Gold is back above $1265, holding 6-week rising support.
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The UK Index 100 has broken below yesterday’s lows of 7225 now in a 2-day falling channel.
Watch levels: Bullish 7255; Bearish 7210
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 remains in a 12400-12460 falling channel from Tuesday’s record highs.
Watch levels: Bullish 12460; Bearish 12440
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 have bounced off rising support at 20940.
Watch levels: Bullish 20,980; Bearish 20,950
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 is back above $1265, holding 6-week rising support.
Watch levels: Bullish $1270; Bearish $1263
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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