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Equities higher in the red, although nothing major, reversing a little of yesterday’s strength but still holding above key breakout levels. UK Index found support at 6200 breakout following overnight revisit of 6250. DAX in narrow 10200-10300 range. Dow off month highs but holding above 16700 breakout. Gold static around $1120 after breakout.
Positive moves yesterday have been tempered by traditional hold-off-and-see stance by market participants ahead of a Fed announcement, this one all the more important given its potential to include the first rate hike in a decade, signalling the beginning of the end of extraordinarily cheap money and exit from ‘crisis’ mode (Janet reducing alert to Fedcon Level 4?).
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UK 100 breakout at backtracked to re-test 6200. Consolidation before another go at 6300? Uptrend from late-Aug lows intact, but should we be worried about falling highs around 6250?
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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 moved into narrower 10200-10300 range although still in an uptrend. Watch for breaks either way
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 futures broken above recent highs 16700. Will this level turn supportive for any retrace to keep the accelerated uptrend on a path towards prior highs? The ascending triangle pattern could mean upside potential of 70opts, meaning a return to mid-Aug levels around 17400.
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 delivered breakout from imperfect 3-day ascending triangle pattern, after shift sideways from 1-month downtrend and September falling channel. Falling highs to be feared again at 1125?
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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