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Equities are mixed into midday with the UK Index under-performing, testing near Feb lows, after stronger wage growth offset yesterday’s weaker than expected inflation, reviving expectations of BoE hawkishness and a rate hike. The German DAX is just positive, holding support, while Wall St futures point towards small gains, albeit still under pressure from falling highs resistance. Tariffs and trade wars still top of the fear list, closely followed by an excessively hawkishness outlook from the FOMC and new Fed Chair Powell this evening.
UK 100 dragged lower by the likes of BATS/DGE/IMB/ULVR (stronger GBP, bond proxy sell-off), HSBC (stronger GBP devalues USD dividends), Miners (lower metals prices), KGF (disappointing outlook) and MCRO (sell-off resumed) depriving the index of a total 16pts. Insufficient buoyancy from LSE and SSE, contributing just 1pt between them.
The UK Index 100 has successfully tested March falling lows for support at 7015. The DAX 30 has bounced back from 12285. Dow Jones Futures rolled over at 24800 to hold a falling channel. Gold is off its lows, but hindered by a confluence of resistance $1315-20.
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The UK Index 100 has successfully tested March falling lows for support at 7015. Note rising support from Feb 2016 just below 7000
Watch levels: Bullish 7,045 Bearish 7,015
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 bounced back from 12285 to sit in a 100pt channel
Watch levels: Bullish 12,340; Bearish 12,285
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 rolled over at 24800 to hold a falling channel.
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 is is off its lows, but hindered by a confluence of resistance $1315-20.
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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