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Global equities are nursing losses as concerns about delays to US stimulus pull indices from recent highs. After 4+ months of promises and 2 months in office, investors are worried that the Trump rally has gone too far on promises alone, now desiring some proof. Nonetheless falls of circa 2% are merely pullbacks, not yet corrections (10% fall).
A weak US Dollar finding support and Sterling strength easing has helped stem UK Index declines but it underperforms due to Banks (US deregulation), Miners (US infrastructure spending) and Oil (rising US production vs OPEC cuts) weighing heavily, offsetting minimal gains for defensives (precious metal miners; consumer staples). Germany’s DAX sees general weakness (financials, industrials) countering small gains for Volkswagen and Beiersdorf.
The UK Index 100 has found support at 7300 after a 2% sell-off. Rising channel still valid? The DAX 30 has found support at 11850 after a 2% sell-off. 6-week uptrend still on? Dow Jones Futures have found support at 20600 following a 1.7% sell-off. Gold has found resistance at $1249 by way of 9-month falling highs and the 200-day moving average.
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The UK Index 100 has found support at 7300 after a 2% sell-off. Rising channel still valid?
Watch levels: Bullish 7325, Bearish 7310
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 support at 11850 after a 2% sell-off. 6-week uptrend still on? RSI turning up from oversold.
Watch levels: Bullish 12080, Bearish 12035
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 found support at 20600 after a 1.7% sell-off, a shade earlier than 4-month rising support which intersects at 20550. Note RSI oversold.
Watch levels: Bullish 20,675, Bearish 20,600
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 found resistance at $1249 by way of 9-month falling highs and the 200-day moving average.
Watch levels: Bullish $1255, Bearish $1243
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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