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Major Support & Resistance (pivot points – explained):
Pivot Point: 6672; Support 1, 2 & 3: 6637, 6611, 6576; Resistance 1, 2 & 3: 6699, 6734, 6760
Friday’s US jobs report initially helped the UK index move on up to test the key 6700 level, however, this was short-lived with focus being less on the return to near 12-month average US job additions, upward revisions and improved participation rates, and more on the flat unemployment rate, the consensus miss and how the report made it difficult to decipher how it will influence the Fed’s decision on its stimulus run-down. All focus to revert back to the ECB now?
Early weakness has found support at the shallow trendline around 6635. This could provide a platform for renewed bullishness, but much progress may be a little too much to ask today with some reluctance to place bets ahead of the start of the key US earnings season (Alcoa tomorrow, JPMorgan Friday). The latest quarterly updates on sales, earnings dividend growth and guidance will be of much interest in relation to the US economic recovery versus the rest of the world. How results fare versus consensus will also be sure to impact global sentiment.
Beware the 3-month chart still highlighting downside potential to 6550, in-line with the long term. Upside potential open to Friday’s highs near 6710.
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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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