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Global equities are lower, but to differing degrees. The UK UK Index is almost back flat, thanks to fresh GBP weakness amid uncertainty about whether a Brexit deal will or not be had this week. The German DAX underperforms due to EUR strength (versus GBP) and general risk-off, especially among industrial/consumer exporters. US futures are extending yesterday’s declines amid continued rotation from tech on uncertainty about US tax reform.
The UK UK 100 is essentially flat thanks to gains for BATS/DGE/IMB/RB/ULVR (weaker GBP) and BP (weaker GBP, stable oil) offsetting the drag from HSBC (Asia sell-off), MCRO/SHP/PRU (negative momentum) and the Miners (copper drop). Germany’s DAX is being dragged lower by Deutsche Post, Commerzbank/Deutsche Bank (risk off), VW/BMW (probe into VW), Merck and Bayer, with ProSeieben (upgraded guidance) the only name up for the day.
The UK Index 100 has recovered all its overnight losses. The DAX 30 is in a narrowing pattern at 12920, with a downward bias. Dow Jones Futures are off their lows, after bouncing from 24100. Gold is holding its $1260 bounce, but this could be yet another bearish flag lower.
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The UK Index 100 has recovered all its overnight losses, but falling highs resistance looms large.
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 in a narrowing pattern at 12920, with a downward bias.
Watch levels: Bullish 12,940; Bearish 12,910
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 are off their lows, after bouncing from 24100, but still in a downtrend.
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 its $1260 bounce, but this could be yet another bearish flag lower.
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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