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Global equities are on the back foot, investors digesting yet another disappointment from The Donald. That ‘massive’ announcement on tax reform turned out to be a mere one-pager on aims, confirming leaked reports. Lacking the depth of detail bulls needed to inspire another leg higher, unable to explain how its cost would be palatable for Congress, a little more air has been released from the post-election equity bubble. Next up is the ECB, its latest view on the Eurozone (politically and economically) updating its course on monetary policy.
The UK Index underperforms with gains for LLOY (results) and Mediclinic (Abu Dhabi waves 20% co-pay) offset by a drag from Oil (mixed US inventory data; OPEC uncertainty), Miners (metals range-bound, oil lower), BATS & DGE (GBP strength), Healthcare (GSK+AZN results) and some big ex-divs (LGEN, RELX, ITV). The DAX is all about results with those from Deutsche Bank, Lufthansa outweighing those from Bayer and Deutsche Boerse.
The UK Index 100 has made a bearish breach of the key 7255 level. The DAX 30 trades around 12440 in a 3-day downtrend from record highs and since yesterday’s break below 12450. Dow Jones Futures trade in a tight range around 20980, after yesterday’s break below 21000. Gold is holding 6wk rising support at $1263 after breaking a 2-day downtrend.
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The UK Index 100 has made a bearish breach of the key 7255 level, the level having since turned resistance to maintain the downtrend from yesterday’s peak.
Watch levels: Bullish 7255; Bearish 7235
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 trades around 12440 in a 3-day downtrend from record highs and since yesterday’s break below 12450
Watch levels: Bullish 1250; Bearish 12425
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 trade in a tight range around 20980, after yesterday’s break below 21000.
Watch levels: Bullish 21,000; Bearish 20,950
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 is holding 6wk rising support at $1263 after breaking a 2-day downtrend.
Watch levels: Bullish $1267; Bearish $1259
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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