This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.
Major Support & Resistance (pivot points – explained):
Pivot: 6602; Support: 6581, 6547, 6526; Resistance: 6637, 6657, 6692
Progress is slow. But it is at least northerly. And the recovery from summer lows of <6500 remains solid, gradually making higher lows with a solid trendline of support. A bettering of yesterday’s 6620 highs and another test this morning of the 6-7 Aug 6630 hurdle on the same day the index is adjusted by a significant 20pts for dividends is also good sign.
UK BoE MPC minutes of interest today in terms of voting on forward guidance. Any division in the ranks, or has Carney got everybody on side? Division could mean rate hikes before 2016 pledge; money markets factoring in even earlier. With inflation (a knock-out clause for a rate hike) cooling, what will unemployment show today given that the pledge target is 7.0% before the base rate increases.
Eurozone GDP likely to add to global optimism after FR and DE surprised to the upside this morning. Fed taper expectations as strong as ever, and data showing economy may be able to live with it, but another political stand-off and debt ceiling dance could see the Fed maintain status quo into year end, supporting risk appetite.
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
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
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
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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