This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.
Major Support & Resistance (pivot points – explained):
Pivot Point: 6415; Support 1, 2 & 3: 6365, 6289, 6238; Resistance 1, 2 & 3: 6491, 6542, 6618
Lots of positive noise about cross-party discussions and potential debt ceiling extension in Washington has seen risk appetite surge on the prospect of a resolution of the impasse that has kept the US government partially closed for nearing 2 full weeks. Nothing concrete but the fact they are talking is a step in the right direction compared the recent flat refusals to give any ground. Republicans finally softening, after being apportioned with more of the blame?
The rebound since Tuesday night’s lows has seen a break out from the falling 4-week channel, but overnight appetite for risk only took it as far as the 4 October high of 6480. Since then we have weakened back to 6440/6450. Look for 6400 to hold as support and for a break above the October high 6490 and then 6500 to get the index back into the top half of its summer range. Any hints of more US delays would likely undo the current optimism.
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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