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Equity markets mixed this morning, still under pressure from Greek worries and having retraced almost all of yesterday’s valiant attempt to close the gap downs we took into the new week. All eyes on whether Greek PM Tsipras accepts creditor proposals, tail between legs, or Europe cracks under the threat of a Grexit and concedes ground. Athens is officially out of money today (bailout expires, default on IMF debt) and the clock ticks towards Sunday’s planned ‘in or out’ Greferendum.
UK Index off its worst levels, but held back by 6600. DAX hovering around 11000. Wall St holding 17650 having bounced from a very weak close but unable to regain 17700. Gold back at $1175, failing to benefit from safehaven demand.
UK 100 off its worst levels but holding below 6000 after overnight bounce failed to overcome the level. Despite rallying from lows yesterday, and almost closing the gap, failure to stay above 6630 keeps it as resistance and maintains end-May downtrend.
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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 siting the middle of its 3-month falling channel support, having found support around the 10990 level. Big spinning top candlestick yesterday suggests indecision still rife. Bullish and Bearish potential to channel borders. Note floor corresponds with normally supportive 200-day moving average 10630.
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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US Dow Jones broken below recent lows 17700 and 200-day moving average the latter often signaling trend change, in this case an end to 2015 uptrend, backed up US indices now negative year-to-date. Off worst levels of 17600, downside potential to Mar lows 17550.
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’s bounce to $1188 has all but evaporated, trading back down at $1175 which is holding up as support for now. However, the metal continues to suffer from demand for alternative safehavens (USD, JPY) due to poor safehaven performance in the face of uncertainty this year.
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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