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Equity markets are under the cosh this morning from a hat trick of pressures. A USD sell-off has produced currency hindrance by way of GBP and EUR strength to hinder internationally-exposed names. Some large-caps (RDSb, AZN, BP, IMB) have also gone ex-dividend and Miners are failing to see a weak USD benefit base metals prices, even if Oil is higher. That said, US markets (Dow, Nasdaq, S&P) closing at record highs for a fifth straight session, something they haven’t done in 25 years, suggests the Trump trade is still being embraced, meaning this could be just another blip amid a longer-term uptrend.
The UK 100 has sold back from 7300 to test 7260 for support. The DAX 30 has found resistance at 11800 after selling back from 11850. Dow Jones Futures are back from another fresh all-time high but rising support valid at 20600. Gold’s bounce form $1220 continues, helped by the weak USD, keeping a pair of major bullish flags alive.
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The UK 100 has sold back from 7300 to test 7260 for support. Back to 7240?
Watch levels: Bullish 7280, Bearish 7255
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 found resistance at 11800 after selling back from 11850. Back to rising support at 11500?
Watch levels: Bullish 11790, Bearish 11730
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 from another fresh all-time high but rising support valid at 20600. RSI holding up bullishly in upper half of range
Watch levels: Bullish 20,630, Bearish 20,590
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 bounce form $1220 continues, helped by weak USD, keeping a pair of major bullish flags alive. RSI not yet overbought.
Watch levels: Bullish $1238, Bearish $1234
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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