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Global equities are lower again, struggling under the weight of falling highs resistance from rebound highs. Whilst a stronger USD and higher bond yields impede stateside sentiment, European stocks are ignoring the reciprocal benefit of a weaker GBP and EUR. The UK Index is focused on the stronger Greeenback’s negative impact on commodities, and plentiful corporate results, while Germany’s DAX reacts to PMIs which missed consensus. Next up: US PMIs, US Home Sales, BoE’s Carney and Fed minutes.
The UK 100 is held back by BLT (downgrades post results), SHP (extending weak trend), ULVR (WalMart, Kraft Heinz read-across), RIO (strong USD, weaker metals, BHP read-across), BATS (bond proxies being shunned; results tomorrow) and BP (strong USD, lower oil price). Offering support are GLEN (results, divs), LLOY (results, divs, buybacks), HSBC (rebound post results) and RELX (preferred to WPP).
The UK Index 100 is consolidating in a bearish pennant at 7230. The DAX 30 is in a narrowing pattern at 12400. Dow Jones Futures trade below 25000, further retreating from rebound highs. Gold’s down-channel has broken below $1330.
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The UK Index 100 is consolidating in a bearish pennant at 7230.
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 is in a narrowing pattern at 12400. Which way will it break?
Watch levels: Bullish 12,430; Bearish 12,370
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 trade below 25000, further retreating from rebound highs
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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Gold’s down-channel has broken below $1330.
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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