This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.
Equities are mixed around breakeven. Investors are perhaps holding out for the latest Fed minutes this evening, for hints on policy outlook. On the other hand they may be awaiting further clarity on the Catalonia vs Madrid situation with PM Rajoy due to speak today. Or simply waiting for the first of the big US banks to report Q3 results tomorrow to give us fresh signals. The uptrend may have slowed but the bullish bias remains. Watch out for that next catalyst.
The UK UK 100 is held back by HSBC (profit taking from summer highs), MNDI (profits warning), LLOY & RBS (profit-talking after yesterday’s upgrades) and BHP (metals prices under pressure). Offering buoyancy are positive contributions from SN (speculation of Elliott Advisors building a stake), VOD (extending rally; pref for BT), ULVR (buying back pref. shares) and RDSb (oil price bounce) and SHP.
Germany’s DAX is just positive thanks to Utilities (miners resisting coal phase out), Autos (Sept Sales) and Lufthansa (labour deal with pilots) offsetting standout decliner BASF (product problems).
The UK Index 100 has found support at 7530 after a pullback from 7555. The DAX 30 have found support at 12950 after a pullback from falling highs resistance at 12980. Dow Jones Futures holds rising support at 28920, on track to complete a bullish flag at 22900. Gold has pulled back to intersecting support at $1287.
Click below to expand sections for more detailed analysis
The UK Index 100 has found support at 7530 after a pullback from 7555.
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 DAX 30 have found support at 12950 after a pullback from falling highs resistance at 12980.
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 holds rising support at 28920, on track to complete a bullish flag at 22900. Beware potential for a bearish wedge reversal.
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 has pulled back to intersecting support at $1287.
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
This research is produced by Accendo Markets Limited. Research produced and disseminated by Accendo Markets is classified as non-independent research, and is therefore a marketing communication. This investment research has not been prepared in accordance with legal requirements designed to promote its independence and it is not subject to the prohibition on dealing ahead of the dissemination of investment research. This research does not constitute a personal recommendation or offer to enter into a transaction or an investment, and is produced and distributed for information purposes only.
Accendo Markets considers opinions and information contained within the research to be valid when published, and gives no warranty as to the investments referred to in this material. The income from the investments referred to may go down as well as up, and investors may realise losses on investments. The past performance of a particular investment is not necessarily a guide to its future performance. Prepared by Michael van Dulken, Head of Research