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European equities are inching higher this morning ahead of today’s main event in the Wyoming mountains this afternoon as Fed Chair Janet Yellen and ECB President Mario Draghi both deliver remarks at the annual Jackson Hole central bankers’ symposium. Markets are hoping that the former will provide more clarity on the start date of the Fed’s bloated balance sheet reduction in what may potentially be her final appearance at the gathering, while the latter will be closely scrutinised for any hint – implicit or explicit – as to the when the long-awaited tapering of the bank’s QE programme will come, three years after he announced the policy at the same event. Keeping traders entertained in the meantime will be the progress of US hurricane Harvey, as its landfall in Texas threatens to shut down a significant portion of US Oil refining activity.
The UK’s UK 100 edges higher as gains for Shire (broker upgrade), HSBC (extending uptrend) Miners (Copper +0.4%), BATS (technical breakout) and Oilers (Crude Oil +0.4% ahead of Harvey landfall) offset the weakness of WPP (dead cat bounce over?), Tesco (Amazon slashes Whole Foods prices) and select defensive names (DGE, SSE, CNA, BT). Germany’s DAX outperforms as exporters Thyssenkrupp, Merck and Daimler negate Adidas’ losses.
The UK Index 100 is challenging resistance at 7435 after a strong opening. The DAX 30 rally from 12,200 rising lows support is accelerating. Dow Jones Futures have been trading in a tight 21,775-21825 range overnight. Gold continues to narrow between $1287-1289 ahead of this afternoon’s key speeches.
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The UK Index 100 is challenging resistance at 7435 after a strong opening.
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 rally from 12,200 rising lows support is accelerating.
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 have been trading in a tight 21,775-21825 range overnight. Will they break out from the ceiling or fall towards the channel floor?
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 continues to narrow between $1286-1289 ahead of this afternoon’s key speeches.
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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