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Equity markets are back in the red this morning with UK 100 digesting the idea that banks could headquarter themselves outside the UK following HSBC’s decision to seriously consider doing so. The negative performance thus far comes despite UK economic confidence coming out at its highest level in 4 years with the Lloyds Spending power Index hitting a record high for March ’15. The DAX is wrestling with the idea of a ‘Plan B’ on Greek bailout talks – but would that be good or bad for Germany? Arguments can be made both ways, but uncertainty will be taking the shine off of equities for the time being. Wall St is off yet essentially flat as investors await the FOMC outcome on Wednesday while Gold is treading water some way below $1200 in limp fashion as uncertainty and a strong USD continue to nullify eachother, keeping the yellow metal range bound.
UK 100 is again selling off this morning, as it has done every time it has breached 7100 thus far, with the index remaining in a 100pt trading range.
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Possible support
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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 suffering this morning having failed to break out of a falling channel as it heads towards support around 11700. A break below this would challenge the DAX’s 2-week sideways direction, with both weeks being coming in red for the index.
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’s range is continuing to narrow on the hourly chart with falling highs and rising lows through the second half of April.
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 residing in the $1180s with key support indeed appearing to hold around $1180 itself. Prospect for a good bounce, however, remains muted with all the usual macro drivers apparently failing to have the desired or indeed ‘normal’ effect on the commodity. Moves now pretty much down to technicals with a worrying March-April bearish triangle pattern in formation on the 15-minute chart.
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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