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Equity markets up off their lows to start the new week although still under pressure from last week’s worst ever start to a new year. US Jobs data was good, but as always, the devil was in the detail with wage growth flat. Chinese inflation data over the weekend may have ticked up for Consumers but with Producer Prices still down almost 6% annually, the outlook remains dire for the raw materials space. Under the weight of existing downtrends is this a Relief rally or just another tease?
UK Index bounced back above 5900 after test of long term rising support. DAX bounced off 9600 thanks to rising support from Oct 2014. Wall St found support at 6-month shallow rising support 16200. Gold sold back from intersecting trendline at $1110.
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UK 100 back above Sept/Dec lows and long-term rising support after testing 5850 overnight. Bounce shows rising lows, but potential resistance at 5950 via end-Dec falling highs.
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 found support at 9600 thanks to 14-month rising support but faces a hurdle at 10000 via the trendline of falling resistance from 30 Dec. RSI still recovering from oversold.
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 bounced off 16180 to regain 16400, thanks to shallow rising support from last August. Nonetheless, it faces stiff competition from a 2-week falling highs at 16600.
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 sold back from intersecting trendline at $1110 while RSI drops back fro overbought. Falling highs since last Thursday.
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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