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A more dovish Fed and flat-lining Greek debt negotiations are keeping equities in check this morning. While lower US interest rates for longer would normally be considered a positive equity driver for stimulus addicted markets, the committee’s cut to growth forecasts is weighing more on sentiment, adding to much uncertainty as to whether Greece will default and/or stay/leave the Eurozone monetary club. UK 100 just about holding 6650, DAX back under pressure but the DOW is holding its bounce as Gold spikes on a Fed-driven weaker USD.
UK 100 still testing Tuesday’s lows of 6655 and the highs of December 2014. The level needs to hold if we are to see recovery rally. Note the 200-day moving average 6744 serving as resistance yesterday. Downtrend from end-may unabated.
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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 fond support and delivered a higher low than Wednesday’s. Start f a recovery? Note last week’s highs correspond with the 100-day MA at 11525. Still within confines of falling channel from early April. Closing in on 200-day moving average 10560
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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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US Dow Jones rebound looks like losing steam. Higher lows are a plus. But resistance a 18000 keeps trend of falling highs from mid-May in play and could scupper the possibility of a bullish double-bottoms from 17700 if the neck at 18100 can’t be broken.
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 powering higher thanks to weak USD, breaking above the falling highs from mid-May. Break above $1190 and out of sideways shift of last 7 days is positive in terms of recovery potential as is the test of the 50-day moving average, although note the 100 and 200-day moving averages lying in wait at $1200 and $1206 as potential hurdles.
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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