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Equities are trying to eke out the most of an already generous Santa Rally. The UK Index trades fresh highs, along with US equity futures. The only blot is European bourses struggling under the weight of a weaker USD (lower US yields, seasonality) and thus penalised by a stronger EUR. The UK Index would normally find hindrance in similarly derived GBP gains, however higher oil prices, a strong commodity sector (oil, copper) and interest in select defensives are providing a welcome offset.
The UK UK Index is being led north by BHP/RIO (copper), AZN/BATS/RB (defensive, US exposure) and RDSb/BP(oil prices). easily overpowering a limited drag from the likes of BARC/LLOY, WPP and ABF. The German DAX is two-thirds under water, pulled lower by VW (dieselgate inquiry), BASF, Allianz, Merck, Siemens and Deutsche Banks., with insufficient support by way of gains for Beiersdorf, Linde, Deutsche Boerse and RWE.
The UK Index 100 has broken above 7635 to make a fresh record high. The DAX 30 is below 13000, almost back to November lows. Dow Jones Futures are back testing mid-December intra-day record highs 24875. The Gold rally is closing in on $1300/oz, extending its own Santa Rally.
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The UK Index 100 has broken above 7635 to make a fresh record, looking to close the year on a high.
Solid Green line
Possible support
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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 is below 13000, almost back to November lows, as a weaker USD makes the EUR unhelpfully stronger
Watch levels: Bullish 13,000; Bearish 12900
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 are back testing mid-December intra-day record highs 24875, still pointing north on US tax reform optimsim
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
The Gold rally is closing in on $1300/oz, extending its own Santa Rally thanks to USD weakness more than safehaven demand.
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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