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The UK Index was closed yesterday, however, its US and European peers continued to climb higher giving the UK 100 futures a lift too. ECB President Mario Draghi’s comments at Jackson Hole that further stimulus could be on the way helped to push the markets up. The markets look to be taking a breather this morning, digesting macro data and global tensions. The US S&P 500 set an all-time high yesterday above 2000 with the US Dow Jones just shy of its all-time high of July.
UK’s UK 100 is trading back at late July levels after recouping the losses seen in the early part of August. Where the UK 100 goes from here will be dictated by the easing or deterioration of global tensions as well as comments from policy makers giving indications of whether the inevitable rate rise is closer than many have anticipated. The rising trend line from early August is still in play, however, resistance is not far away on the upside.
Germany’s DAX continues to make headway back to late July levels after ECB President Draghi’s comments over the weekend suggested that more stimulus could be on it way to the Eurozone, sending the DAX up 170 points on a day where trading volumes were thin. However, resistance could now play its part at 9500 having failed to secure a break above this level yesterday. Support could come at 9451, which if broken could signal a pull back towards 9230.
The US Dow Jones traded just 25 points shy of its July all-times highs yesterday. Its country peer the S&P 500 had already set the tone by breaking 2000 for the first time ever and registering a new all-time high. Dow Jones futures are pointing to a moderately flat open this morning as it looks to make an attempting at setting new all times highs which are only around 70 points away. However, resistance could be an issue at yesterdays high of 17126, but a break of this level would surely see a new all-time high registered.
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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.
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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
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