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Equity markets mixed this morning after the ugly head of a Chinese hard landing once again rose above the parapet overnight. European markets also suffering from a raft of poor macro data including German import prices (not all that bad for a DAX comprised mainly of exporters…), French consumer spending (pre-Paris attacks) UK consumer confidence and Nationwide house price growth – all disappointing.
Middle-East related geopolitics is not seen to be supportive of oil prices any longer, especially in the face of a perceived falloff in energy demand from China, while the commodities sphere in general is back under pressure as the Yuan and Euro succumb to a strong USD. Note ‘bargain’ copper holding on to this week’s gains though.
UK Index has some work to do to maintain this week’s accelerated uptrend while 2-week rising lows should hold into today’s close. DAX found a new trading range north of 11200 bounded above by 9-month falling highs resistance. Wall St has fallen below rising support for the second time this week and Gold may be about to succumb to bearish technicals.
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UK 100 is back from an overnight test of 6400 with a bounce off rising support 6344 and the 100-day MA helping to stem losses thus far this morning. While downward pressure remains in play macro-wise, the RSI is holding in bullish territory.
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 now dug in above its 200-day MA but back from a test of long-term resistance 11375. Daily RSI hasn’t gone overbought following a very brief flirt in late Oct and while support looks strong, it’s been failing to match the index’s higher highs with its own since then.
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 are back from 17900 resistance and now below back-up support at 2-week rising lows 17800. Note also 4-hourly RSI diverging with index value since 19 Nov and now in bearish territory – with that break below 17800 potentially confirming a move in the direction of late August rising support.
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’s looking heavy this morning. Support is holding around recent lows $1067, but look out for a break below and second leg of a bearish flag pattern potentially taking the yellow metal towards $1064.
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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