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Equity markets already heading back towards overnight lows. Investors have once again realised that nothing has changed and a bounce wasn’t really warranted. A depressed oil price remains hindered by global oversupply and the prospect of it getting worse as Iran returns to market, while China jitters continue to shake everything from commodities to financials. Attacks such as those overnight in Jakarta are also becoming much too frequent even if markets have developed thicker skin. Earnings season is about to kick off stateside, and it could be ugly with 5-6% profit declines. Buckle up.
UK Index bounce failure at 5900 sees it trade back testing 5835 recent lows. DAX testing 9700, a downer towards 3.5-month shallow rising support 9620. Wall St’s downtrend continues with an unbroken trend of falling highs. Gold’s bounce seen it regain $1090.
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UK 100 testing recent lows again this morning after overnight bounce failed at 5900. 20146 downtrend persists, extending that from May 2015.
Solid Green line
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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DAX rebound failed at mid-Dec support-turned-resistance 10150. Overnight bounce failed at 9875 and retrace taking it back to towards 3.5-month shallow rising lows 9620. Note positive divergence with recovering RSI.
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 futures maintains their southerly grind towards end-September lows of 15900. Note positive divergence with recovering RSI.
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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Gold found support at $1080 and bounced back to $1090. Long term downtrend. Shorter-term uptrend. Pick your timeframe.
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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