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Equities have given up initial gains to trade negative, an element of ‘week-end, risk-off’ taking hold in the early trading. While Fed-induced dollar strength (a Dec rate hike looks probable) would normally benefit the UK Index ‘s international continent via a weaker Sterling, a weaker Euro (bleak ECB outlook, QE stimulus extension likely) is weighing more so, resulting in the key GBP/USD rate holding up well. The dollar move is weighing heavily on metals and Miners, while oil is on the back foot again (scepticism about OPEC optimism) to hurt Energy and Banks hinder on transatlantic monetary policy likely set to diverge further.
The UK 100 has dropped back to test intersecting 2-week support at 6750, just above this week’s 6735 lows. The DAX 30 has sold back from 10750 with intersecting rising resistance preventing any fresh challenge on 3-month highs at 10800. Dow Jones Futures have made another bounce off the 18850 floor of their 5-day narrowing pattern. Gold has dropped back to test intersecting 12-month support at $1205.
The UK 100 has dropped back to test intersecting 2-week support at 6750, just above this week’s 6735 lows. Bounce or break?
Watch levels: Bullish 6770, Bearish 6730
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 sold back from 10750 with intersecting rising resistance preventing any fresh challenge of 3-month highs at 10800. Financials and Utilities weighing.
Watch levels: Bullish 10685, Bearish 10640
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 have made another bounce off the 18850 floor of their 5-day narrowing pattern. Note failure to overcome 18900 on 5 attempts since yesterday. Breakout or breakdown?
Watch levels: Bullish 18905, Bearish 18840
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 dropped back to test intersecting 12-month support at $1205. Bounce or breakdown?
Watch levels: Bullish $1211, 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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