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Markets are mixed again this morning with many factors influencing the moves. Traders will have one eye on today’s macro data releases, with manufacturing PMI for all major European countries this morning being followed by ADP employment data from the States which many consider a precursor for Friday’s Non-farm payrolls. Company earnings are playing their part in weighing on sentiment as are commodities, whilst tensions in Hong Kong continue to have a negative effect on the markets.
The UK’s UK 100 broke below a key support level yesterday, a level that could now act as resistance. Should the UK 100 fail to break back above this level then a pull back towards 6550 could be on the cards. The RSI has now turned positive after bouncing off oversold.
Germany’s DAX continues to find support along the 6 week support line, however it has also found resistance at the 100 day MA this morning. The steep 5 week downtrend continues with resistance likely at 9540 and then at the 200 day MA around 9600.
The US Dow Jones futures are pointing to a higher open this morning, having seen the Dow break above its 20, 50, 100 and 200 day MAs, with the 20 and 50 day MAs also break above the 100 day MA. The RSI has entered overbought territory too. The next level of resistance is likely at 17109 then again at 17197 with support likely at the 200 day MA around 17044.
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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
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