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Equity markets are treading water this morning in the traditional pre US non-farms lull. Risk appetite remains healthy nonetheless, following overnight gains in Asian markets that are seeing mining stocks and Asia exposed financials outperform. Note oil prices looking a little toppy this morning while gold is moving up to test the 11-Feb falling highs, a breakout above which could signal a turn in sentiment, but tomorrow’s jobs data and indeed US factory orders later today should do little but cause short term volatility.
UK Index found support around 6115 as a base for recovering yesterday’s lost ground. DAX is still contesting Dec falling highs after coming back from early Feb levels around 9850. Wall Street remains near Feb rising highs and yesterday’s best levels around 16900. Gold is also up near resistance $1245.
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UK 100 briefly fell back to test 6115, but is now back inside a rising narrowing pattern. A breakout above 6170 would please bulls looking for a return to the 200-day MA and major 9-month falling highs at 6210.
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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DAX’s uptrend has seen it pop up above Dec falling highs with the daily RSI supportive of an onward march towards 9895. Above that, the 100-day MA beckons while a short term surprise from US data tomorrow might see a retracement to Feb 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.
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US Dow Jones continues to look toppy this morning, although the fact it’s managed to come back up to test resistance is encouraging to bulls. Note the 100-day MA is the current hurdle with the 200-day not far above.
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 rising support has steepened through end-Feb / early-Mar, while today’s price action is showing a fair amount of indecision in the market. Still potential for a revisit of $1245 falling highs as we move into the apex of a now more rapidly narrowing pattern.
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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