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Equity markets back positive this morning after the Chinese saw sense and did away with those ridiculous circuit breakers that only served to amplify fear and volatility. With calm having returned to markets, equities edging higher although nothing more than a tepid relief rally, with Chinese state intervention still prominent to shore up markets, and nothing fundamentally different from yesterday. China still slowing, commodity supply gluts still weighing, Oil still low, Fed still hiking, etc. No reason for US Non-Farms to sway things for Fed this afternoon. Jobs is not the problem absent inflation is.
UK Index bounced back to test 6000. DAX rebounded to test breached 10050. Wall St found support but yet to troubled breached trendline at 16900. Has the Gold rush run its course after falling back below $1100?.
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UK 100 bounced off 5870 thanks to double support from Aug rising lows and September and Dec lows. Testing 6000. RSI recovering from oversold. Genuine rebound?
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 bounced back from 9800 to test 10050 intersecting trendline dating back to September. Can it make a decisive 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 futures have bounced from 16475 but have yet to test 16800 or the intersecting trend line at 16900. Can we retrace the lost ground?
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 has fallen all the way back below yesterday’s $1100 breakout. Is that it for the rally? Back to $1080 as markets calm and safe-haven demand dissipates? RSI falling back from overbought
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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