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Equity markets are again selling off this morning following a brief respite as markets digest more hawkish than expected yet as vague as usual FOMC minutes (but will they really do it in June? That’s a long shot). In Europe markets have taken a beating after investors revolted against negative bond yields by selling them en masse – wiping €55bn off the value of Eurozone government debt. Gold still just above $1200 after getting a boost from a weaker USD and stronger Euro as we wait to see if a correction will again take it back below the bugbear level.
UK 100 has made a bounce off what could turn out to be rising support after a cataclysmic 24 hours for the index that has seen it back beneath 7000.
Solid Green line
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 testing support around 11400 with potential for a recovery having bounced up twice today. Potential, however, for the index to enter a falling channel that would make more downside a 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.
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The US Dow Jones is still trading in the upper half of its range this morning while heading into a longer term pennant pattern. A bounce off support around 794o could indicate potential for a larger rebound while a break below propelled by 2 days of falling highs could initiate a downtrend.
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 has hit a brick wall as it tries to rally past $1215. The yellow metal is trading in an upwards pointing channel but the aforementioned resistance and support at $1200 may turn this sideways in the coming days.
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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