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Equities are positive this morning as conflicting global economic drivers battle it out. We’ve got some Chinese trade data that’s come in quite a way off forecasts, but the consensus is that macro data tends to lag the things it measures and that there have been some more positive indicators coming out of China recently. It’s all eyes back on the US this week after the global central bank mania eased post-BoE sledgehammer. As always, it’ll be a toss up between markets celebrating US economic strength and markets lamenting the end of cheap money.
The 6800 level is still key to any further upside on the UK 100 , with a close above today being eyed by bulls looking for 7000. The DAX 30 has come up just shy of the 1 Aug high 10460. Dow Jones futures are strong after setting off on another leg higher with a break above 18550. Gold is continuing to sell off below its 10-day rising trend line.
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The UK 100 has broke above 6780 with 6800 currently the level to better if 6900 is to be conquered. The daily RSI is holding up nicely in bullish territory.
Watch levels: Bullish 6840, Bearish 6770
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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The DAX 30 is making another test of 10500, from which it has sold back 3 times previously. A breakout puts 10875 as a target for bulls while a sell off from here could find support at the major moving averages.
Watch levels: Bullish 10575, Bearish 10345
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
Dow Jones futures are heading back towards 20 Jul record highs after breaking back above their 20-day moving average. Note the daily RSI diverging since end-march.
Watch levels: Bullish 18640, Bearish 18440
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 has broken down below 2-month rising support and the 20-day moving average, additional support possible at the 50-day moving average.
Watch levels: Bullish $1344, Bearish $1321
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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