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Equity markets are voting risk-off into the weekend, perhaps worried about what a two-day break could deliver in terms of news about Trump’s team and his plans once in office. Investor bias remains positive, suggesting benefit of the doubt and optimism that spending heavily and cutting taxes will help turn America around. A correction from post-election highs is, however, no surprise. We rallied for six days after Brexit before pausing for breath. And that precedent means everything happening much quicker this time. It could well be that the Trump train pushes north again next week. Unless of course China sticks a spanner in the works with disappointing data on Monday morning.
The UK 100 has broken below 6800, in the midst of a bearish flag pattern that could complete at 6650. The DAX 30 has yet to breach support at 10575, a weaker EUR helping exporters hold up. Dow Jones Futures are off their best levels, with weekly rising highs resistance checking the rally at 18900. Reduced safehaven seeking and USD strength has seen Gold breach 2016 rising support at $1260. Back to $1200?
The UK 100 has broken below multiple support levels and 6800. In the midst of a bearish flag pattern that could complete at 6650.
Watch levels: Bullish 6760, Bearish 6720
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 yet to breach support at 10575, a weaker EUR helping exporters hold up. It is holding near the top of its longer-term sideways channel. Bounce or break?
Watch levels: Bullish 10760, Bearish 10700
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 off their best, with rising highs resistance having checked its rally at 18900. Does a breach of intersecting support at 18800 mean retreat or push on?
Watch levels: Bullish 18810, Bearish 18750
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
Reduced safehaven seeking and USD strength has seen Gold breach 2016 rising support at $1260. Back to $1200?
Watch levels: Bullish $1261, Bearish $1249
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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