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Equity markets are trading sideways out of a short week. Tomorrow’s US Non-Farm Payrolls are likely to initiate movement in futures trading into the weekend with the US and UK markets on holiday. UK 100 has come off a flat open to trade up this morning with a weakening pound boosting equities in the UK. Germany’s DAX, meanwhile, is retracing overnight losses caused by the ongoing situation with Greece and ‘optimism tinged with anxiety’ about a Eurozone recovery. Wall St. is suffering after some disappointing data indicated that tomorrow’s Non-Farms print might do just that – disappoint, with said disappointment already pricing itself into the market. Gold is comfortably off its March 17 lows, back above $1200 and trading flat this morning supported by a plunging Dollar Basket and uncertainty surrounding the Iran nuclear talks which continue into today.
UK 100 has met resistance at the bugbear upper bound of its falling channel from March 24 highs north of 7000.So far, a breach of this line has proved elusive this week but the index remains in a position to test and break out to the upside. Perhaps a little good news or macro data today will help.
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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Germany’s DAX is in a sideways range this week, having found horizontal support around 11950 and resistance around 12116, short of all-time highs. Still potential for support at rising March lows to contribute to the formation of a bullish ascending triangle pattern?
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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The US Dow Jones is floundering this morning but supported by nigh on 6-month rising lows, a bounce off which would keep the index in the game ahead of tomorrow’s US payrolls data.
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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Gold remains in a horizontal trading range this week, holding above $1200 today and with two red hurdles to take on before a rebound towards 2015 highs can become a serious possibility.
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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