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Equity indices have erased most of this week’s gains to test major support. A stronger USD following a Fed interest rate rise would normally help the UK Index and DAX via GBP and EUR weakness. Not today though as poor UK retail sales (and a sector profits warning) weigh more heavily, along with continued Fed-ECB policy divergence, a drop in continental exports and differing transatlantic growth prospects. Oil back near 1-month lows doesn’t help either, hurting Energy & Miners.
The UK Index 100 sell-off has found 6-week rising support at 7410. The DAX 30 has breached 1-month rising support at 12700. Dow Jones Futures are holding June rising support at 21265. Gold has found twin support at $1256.
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The UK Index 100 sell-off has found 6-week rising support at 7410. Will it hold?
Watch levels: Bullish 7430, Bearish 7410
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 breached 1-month rising support at 12700. Will 6-week support hold up?
Watch levels: Bullish 12700, Bearish 12650
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 holding June rising support at 21265, having pulled back from yesterday’s fresh record high.
Watch levels: Bullish 21,300; Bearish 21,260
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 has found twin support at $1256. Beware a breakdown could trigger a bearish head & Shoulders top pattern that takes it $35 lower.
Watch levels: Bullish $1260; Bearish $1255
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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