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Equities are off their worst levels, but unable to do much better than sideways, consolidating the losses of the last two days. Trump’s State of the Union went smoothly, and no fireworks are expected from Janet Yellen’s last Fed meeting. But markets continue to digest the cocktail of a weak USD, rising bond yields, a still high oil price and equity market jitters about overvaluation. This ahead of a plethora of big name quarterly results and of course Friday’s US Jobs report.
The UK UK Index underperforms, in spite of GBP being weaker than EUR, with notable weakness among Housebuilders (“use-it or lose it” planning permission). However, the drag really comes from risk assets (Oil, Miners), Banks (EU rejection of City of London proposals on Financial services fee trade), healthcare (US competition, Trump pledge to cut drug prices), depriving it of 10pts, with a limited 7pt positive contrition from currency-sensitive defensives (ULVR, BATS, BAES).
The UK Index 100 continues to test 7575-80 for support. The DAX 30 is closing in on the apex of a bullish falling wedge. Dow Jones Futures remain hampered by falling highs resistance at 26200. Gold’s support at $1337 suggests a new channel?
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The UK Index 100 continues to test 7575-80 for support, in a clear downtrend. Consolidation before another down-leg?
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 closing in on the apex of a bullish falling wedge. Break higher?
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 remain hampered by falling highs resistance at 26200. Is that a Bearish pennant?
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’s support at $1337 suggests a new rising 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.
Click here for help with Support & Resistance Click here for help with technicals
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