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Equities are mixed this morning with the UK’s UK 100 the standout performer, holding its head above water thanks to supportive GBP weakness. This is derived from Brexit uncertainty ahead of tomorrow’s long overdue clarification from Prime Minister Theresa May about how the UK’s divorce from the EU will play out. Whilst reciprocal USD strength would normally boost the German DAX via similarly beneficial EUR weakness, the GBP drop is weighing more heavily, propping up the single currency to some extent, adding to declines by heavyweight Autos and Banks so the index underperforms major peers. Wall St closed for Martin Luther King day means US futures are calm.
The UK 100 is holding its December uptrend at 7340, but some hints of fatigue are creeping in. The DAX 30 is back below 11580 rising support that dates back to mid-December. Dow Jones Futures remain range-bound 19740-19980, impetus lacking on this market holiday and with the new President’s inauguration looming. Gold’s 2017 uptrend is still valid, testing last Thursday’s $1206 highs but held back by unwelcome USD strength.
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The UK 100 is holding its December uptrend but there are hints of fatigue like we saw last Weds: daily RSI peaked; 9-month H&S pattern completed; possible breakdown from 3-day bearish rising wedge. Holding above 7330 is key to keep the uptrend alive, as it corresponds to the highs of last Weds/Thurs and Friday’s closing level.
Watch levels: Bullish 7360, Bearish 7325
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 back below 11580 rising support that dates back to mid-December. Can It break back above like last Thursday, or is it set to fall further?
Watch levels: Bullish 11580, Bearish 11540
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 remain rangebound 19740-19980, but impetus is lacking on this market holiday and with the new President’s inauguration looming. RSI still in decline, both daily and 4-hourly.
Watch levels: Bullish 19890, Bearish 19840
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 2017 uptrend is still valid, testing last Thursday’s $1206 highs but held back by unwelcome USD strength.
Watch levels: Bullish $1210, Bearish $1199
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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