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Equity bullishness waning into the week-end as investors react to muted US and Asian sessions. This follows several strong Q2 results being offset by weakness elsewhere and a handful of corporates highlighting the risk of a slowing China who’s equity market remains volatile to say the least. It also comes on the back of the Fed’s latest update which offered precious little help on the timing for its first rate hike.
In terms of Greece, the IMF is playing both good and bad cop, trying to encourage fellow creditors to commit to debt relief whilst making it a precondition for the fund’s participation in a third bailout and PM Tsipras has been forced to call an emergency Syriza party congress in September to rally support among divided ranks and avoid risky fresh elections.
UK 100 testing uptrend from Monday’s lows. DAX30 bounce lost momentum around 11250. Dow Jones taking a breather just shy of 17800. Gold not far from revisiting last week’s 5.5yr lows $1077 .
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UK 100 testing rising support from Monday lows. Resistance encountered just shy of 6700. Sideways pause or slight pullback before uptrend resumes?
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 still in uptrend from Monday lows, testing falling highs resistance, but yet to break beyond 11300 to deliver genuine breakout.
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 hovering just below 17800 taking a breather before next move. Note 200-day MA 17833 could be a hurdle to the 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 trading back down towards 5.5yr lows $1077 under enormous pressure from lack of interest, strong USD, no income/yield, poor 2015 performance, general commodities weakness, lack of inflation needing to be hedged. The poor traditional safehaven yellow metal doesn’t seem to have a lot going for it at the moment.
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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