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Equities still trying higher willing the post-ECB and NFP bounce to continue, taking the prospect of a US rate hike as a positive in terms of growth and ever hopeful that Draghi will reload his elephant gun with a more potent tranQEliser sometime next year. US bourses holding near recent highs. The OPEC decision is hindering the Oil space (Majors, drillers).
The first full week of December is starting on a rather quiet front. With the ECB out of the way, is this what we are to expect until the Fed updates on the 16th? After all the hype and an ECB disappointment, could 80% market-implied odds of a Fed rate hike be setting us up for another round of discontent?
UK Index holding its shallow uptrend from 6200 post-ECB lows, but yet to test 6300. DAX making headway towards 11000. Wall St still sitting just below 17900. Gold broken out from 3-week down channel to regain $1080.
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UK 100 managing to hold its bounce off 6200, but a test of 6300 is now required to keep it going towards the 6450 ceiling. The risk is that the bounce is a mere flag within a bearish flag pattern that correct much lower.
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Possible support
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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 holding its bounce off 3M intersecting support around 10600. Can falling highs at the 11400 be regained?
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Possible support
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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 still sitting just below 17900. Waiting to make a breakout? Or prepping for another retreat?
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Possible support
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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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Gold’s broken out from 3-week falling channel despite the USD rising on increased odds of a Fed rate rise. Short squeeze likely the driver, given that the metal is included in the group of overcrowded trades we saw reacting to Thursday to the ECB announcement. Another up-leg due? Pausing for bullish flag?
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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