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Equities have made a poor start to the week, sentiment weighed upon by a host of drivers. The IMF has cut growth forecasts for the UK and US. The EUR remains strong, adding to German auto collusion claims. White House uncertainty persists. An OPEC/NOPEC production cut meeting is underway. A Fed policy update looms large and we are right in the midst of a hitherto mixed earnings season.
The UK UK 100 underperforms amid general weakness, especially amongst oil majors (production cut uncertainty, GBP strength), Miners & Financials (IMF forecast cuts) and defensives (GBP strength), versus extremely limited assistance from BATS and RR. Germany’s DAX fares better than the UK Index , but still underwater on Auto sector losses and EUR strength.
The UK Index 100 has broken below 7430 and pretty much completed the bearish H&S top reversal we highlighted this morning. The DAX 30 has fallen to within 100pts of 12-month rising support and its 200-day moving average at 12080. Dow Jones Futures are flat around 21550. Gold is back challenging late June resistance at $1258.
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The UK Index 100 has broken below 7430 and pretty much completed the bearish H&S top reversal we highlighted this morning.
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 fallen to within 100pts of 12-month rising support and its 200-day moving average at 12080.
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 flat around 21550
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 challenging late June resistance at $1258. Bullish flag to above $1260?
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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