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Major Support & Resistance (pivot points – explained):
Pivot: 6676; Support: 6637, 6571, 6532; Resistance: 6741, 6780, 6846
And so we have a breakout. The summer bugbear level of 6660 has been exceeded, opening up the possibility that May highs of 6875 can be revisited, the last few weeks spent 6500-6660 serving as an incubator for the bullish bias going into it. Note the US S&P back trading all-time highs.
Positive data helping, along with central banks staying helpful. Can the US Employment report this afternoon add to evidence that the world’s #1 economy is on the mend and can handle a scaling back of Fed intervention, giving further boost to global equity market sentiment? Or will it disappoint, but just go to confirm QE3 set to stay for longer, pleasing the stimulus addicts.
Watch for 6660 to hold up as support for any subsequent weakness. As for resistance, watch for intersecting trend-lines which could slow things up around 6730 and 6810, before the May highs of 6875.
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
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
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
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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