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Equity markets are continuing to trade largely flat with UK 100 mildly in the green and peers the DAX and Dow Jones sitting just below the water line. Macroeconomic drivers are mainly of the Greek variety as they have been for most of the week, although some disappointing US and European data yesterday will be making itself known to the markets this morning. Gold also benefited slightly from the deteriorated PMI and US jobless claims prints, but to nothing like the extent needed to bolster the price significantly.
UK 100 is in the green this morning, trading 50 points or so from all-time highs and range bound for the week. If past performance (i.e. this week’s) is anything to go by, we’re set for a flat finish with investors waiting until Monday to do anything meaningful. But of course past performance is no indicator of future behavior.
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 battling falling highs through the second half of April with no sign of the trend being bucked as we exit the week on disappointing macro data. Bearish descending triangle, perhaps? If so, there is potential for a break downwards despite the index trading at its lowest level in a month.
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 in a kind of no-man’s land within its own 3-month sideways trading range. The index is managing to hang in there in the upper half while rising lows and falling highs keep us guessing as to where it will go next. Support around 18000 could see it go up while resistance around 18130 likely to cap any upside.
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 is yet again back below $1200 with growing probability that it will remain there as resistance at falling highs mirrors the markets on Friday. Said resistance now sitting below the bugbear level.
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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