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Equities are mixed, trying their best to build on recent rallies, but catalysts lacking for the next leg higher. That’s not to say this is the top though. We’ve been here before, several times, and the market has pushed on – look at US bourses, continually inching higher. As the old adage goes “never short a dull market”. This quiet may merely be consolidation as investors catch their breath ahead of tomorrow’s US jobs report.
The UK’s UK 100 is positive thanks GBP weakness amid UK leadership uncertainty. Gains for Miners (metals prices buoyant), RDSb (oil off lows), ULVR & DGE (weak GBP), TSCO (post-results rebound) and RBS (breakout) are outpacing the negative influence from BATS (new ads critical of smoking), Banks (profit taking, concerns about weak UK data seeing BoE hold off from hiking UK interest rates) and ex-dividends for AV & WPP.
The German DAX underperforms as the EUR strengthens vs GBP, and rebounds for Utilities (rebounds from yesterday’s UK inspired weakness, Financials and Autos are overshadowed by losses for Lufthansa, Infineon (broker downgrade), Bayer (merger review delayed), Deutsche Post (amazon exploring new delivery service), Merck and Siemens.
The UK Index 100 is trying to break out from a bullish pennant towards 7520. The DAX 30 is back from fresh record highs but holding its uptrend at 12935. Dow Jones Futures have slowed up but remain in a bullish flag towards 22900. Gold‘s latest bounce may be a bullish flag that helps it back above $1282.
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The UK Index 100 is trying to break out from a bullish pennant towards 7520.
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 back from fresh record highs but holding its uptrend at 12935 (rising channel?). Falling RSI is a concern – negative divergence with price
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 slowed up but remain in a bullish flag towards 22900
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‘s latest bounce may be a bullish flag that helps it back above $1282
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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