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Global equity markets are offside this morning in the run up to the US Federal Reserve’s monetary policy update and the final televised debate of the French election campaign, both this evening, after European macroeconomic offerings failing to inspire. While the former is unlikely to result in a third rate hike in 6 months, it could provide insight into the potential course of hikes during the remainder of 2017; meanwhile the latter sees Le Pen and Macron square off for the final time before Sunday’s second and final round of voting.
The UK 100 is currently being held back by underperformance from Oil (Brent/US Crude hovering around 1-/5-month lows), Miners (Iron Ore and Copper lower by >2.0%) and Pharmas AZN & GSK (Pfizer reports weak sales growth), which is currently offsetting gains for SHP (JP Morgan target price increase/results) and Defensives VOD, RB & WOS (FOMC equity apprehension). The German DAX is also under water, trading lower on account of pressure on the index’s heavily weighted US-dollar denominated exporting contingent.
The UK Index 100 continues to narrow in 7180-7260 channel. Break higher or lower? The DAX 30 has sold off from overnight record highs of 12530 to test intersecting support at 12480. Dow Jones Futures narrowing in tight 20900-20950 channel ahead of tonight’s FOMC decision. Gold has recovered from early lows of $1252.5 to test $1254.5 intersecting resistance.
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The UK Index 100 continues to narrow in 7180-7260 channel. Break higher or lower?
Watch levels: Bullish 7260; Bearish 7215
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 off from overnight record highs of 12530 to test intersecting support at 12480.
Watch levels: Bullish 12500; Bearish 12470
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 narrowing in tight 20900-20950 channel ahead of tonight’s FOMC decision. Break above 20910 for test of 20935 or break below 20900?
Watch levels: Bullish 20,915; Bearish 20,895
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 recovered from early lows of $1252.5 to test $1254.5 intersecting resistance.
Watch levels: Bullish $1255; Bearish $1252
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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