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Equities are taking a breather from recent gains, back mulling over multiple market headwinds. These include misplaced fears about a premature tapering of the ECB’s QE bond-buying stimulus programme (highly unlikely), an imminent Fed rate hike (much hawkish comment from non-voters), a hard Brexit (2.5 years away, at least), IMF growth cuts, a too-close-to-call US election and of course how the Deutsche Bank situation pans out. Note GBP off 31yr lows, now hindering the UK 100 after several days of hard-brexit inspired weakness provided the index with a welcome FX boost. The same is true of a EUR bounce hurting the DAX.
The UK 100 is testing 7045 intersecting rising support going back to mid-September. Can it hold up? The DAX 30 is still trading around the upper end of a 10200-10650 shallow falling channel. In contrast, the Dow Jones Futures is holding around the lower end of its 108125-18350 3-week narrowing range. Gold has made a major breakdown from both 2016 rising and 3-month sideways trends. Is that it, or more to come?
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The UK 100 is testing 7045 intersecting rising support going back to mid-September. Can it hold up?
Watch levels: Bullish 7065, Bearish 7055
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 still trading around the upper end of a 10200-10650 shallow falling channel, but struggling to overcome 10560 since the European open.
Watch levels: Bullish 10570, Bearish 10515
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 is holding around the lower end of its 108125-18350 3-week narrowing range. Bounce or breakdown?
Watch levels: Bullish 18195, Bearish 18135
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 made a major breakdown from both 2016 rising and 3-month sideways trends. Is that it, or more to come?
Watch levels: Bullish $1278, Bearish $1270
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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