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Equities are back in the red as a Dollar rebound fades, adding to unwelcome strength and resilience in GBP and EUR to hinder their respective bourses. Sentiment dampened by hawkish comments from Fed Chair Yellen which sparked concern about faster US interest rate hikes while uncertainty builds about what Trump can actually deliver on.
The UK UK Index is hampered by a resilient GBP pushing a mix of Oil (RDS, BP), financials (HSBC, LLOY) defensives (AZN, VOD, NG) and ex-divs (SSE, CPG) lower, offsetting bounces by BATS, BRBY and PSON and continued gains for GLEN. Germany’s DAX is back from its breakout, dented by the EUR bounce and financials (beneficiaries of higher interest rates) failing to counter widespread weakness. The US Dow Jones holds a 10-day downtrend towards 2017 lows.
The UK 100 has resumed its recent downtrend, testing 7200 after breaking down from a bearish flag. The DAX 30 is faltering after yesterday’s breakout at 11600. Dow Jones Futures have broken below 19800 under the weight of falling highs. Gold has found fresh support at $1202 pausing after yesterday’s breakdown.
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The UK 100 has resumed its recent downtrend, testing 7200 after breaking down from an ugly bearish flag that could complete at 7180 but ultimately take the index further from breached support. Fresh down channel forming?
Watch levels: Bullish 7210, Bearish 7190
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 faltering after yesterday’s breakout at 11600. Onwards and upwards to 11695, or back to Tues 11430 lows ?
Watch levels: Bullish 11605, Bearish 11575
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 have broken below 19800 under the weight of falling highs, potentially set to re-test 2017 lows of 19735. RSI still in decline.
Watch levels: Bullish 19810, Bearish 19765
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 fresh support at $1202 pausing after yesterday’s breakdown.
Watch levels: Bullish $1205, Bearish $1201
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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