This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.
Equities have pared early losses to trade in the green this morning, helped by (temporary?) USD weakness (off its overnight highs this morning sending commodities and UK miners up a little) as investors continue to weigh up the prospect of a September US interest rate hike and more market madness in China.
Slightly softer than expected UK Construction PMI data capping UK Index ‘s gains around 6710 thus far, DAX still trending up and Dow Jones the underperformer. Greek stocks continue to decline today with little marked effect on fellow European and world indices.
Gold has pushed out above $1090, now support for a potential march towards its channel ceiling $1100.
Click below to expand sections
UK 100 now range bound since end-July, pushing a little higher this morning to test 6710, with a breakout thereof putting the index back in its uptrend from 6500. Upside potential still 6800 July highs and the 200-day MA, likely to prove restrictive.
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
Germany’s DAX bstill in an uptrend from 27 Jul levels 11030. 3 Aug breakout of a rising channel turned the ceiling to rising support. 11400 has now been bettered with a re-test and break out above 11460 now key to further gains.
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
US Dow Jones struggling to perform in line with peers this morning, though support remaining around 17500. Currently in a 100pt sideways range with potential for this to widen to 300pts upon a breakout above key resistance 17600.
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
Gold stills in its depressed narrow range $1080-1100 with USD and demand headwinds in their many forms (safe-haven interest, no income/yield etc.)
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
This research is produced by Accendo Markets Limited. Research produced and disseminated by Accendo Markets is classified as non-independent research, and is therefore a marketing communication. This investment research has not been prepared in accordance with legal requirements designed to promote its independence and it is not subject to the prohibition on dealing ahead of the dissemination of investment research. This research does not constitute a personal recommendation or offer to enter into a transaction or an investment, and is produced and distributed for information purposes only.
Accendo Markets considers opinions and information contained within the research to be valid when published, and gives no warranty as to the investments referred to in this material. The income from the investments referred to may go down as well as up, and investors may realise losses on investments. The past performance of a particular investment is not necessarily a guide to its future performance. Prepared by Michael van Dulken, Head of Research