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Equities markets in the red off their worst levels of late last week, but technical resistance already encountered amid the teasing rebound into the new week. Fears about the spill-over from a potential Fed rate rise this week are keeping a lid on bullishness while we ponder whether the latest leg down by oil and renewed Chinese currency uncertainty could serve to spook the Fed for the second time this year fuelling worries about no-flation for longer and the risk of currency wars. China weekend data offering little help to overcome desire to devalue its currency (4yr low), easily trumping an positive trend for industrial production and retail sales.
UK Index already sold back from 6000, maintaining December’s falling channel. DAX rally trying to break back above breached support 10450. Wall St found fresh rising support at 17220. Gold sideways around $1070 as safehaven seekers tussle with long-term downtrend, strong USD and zero-yield.
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UK 100 rebound already halted by trend of falling highs since early December. Will the defined channel of accelerated declines persist? Or will we get a break-out/down?
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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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Germany’s DAX downtrend unabated with the rebound rally already finding resistance at the major breached trendline 10450.
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 failed at broken support 17400 from last week which maintains December’s downtrend. While uptrend from August dead and gone, shallow intersecting support from late Aug highs kicked in at 17220 to keep bullishness alive
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 in narrowing pattern, sideways around $1070. Still struggling under weight of long-term downtrend from strong USD and zero-yield ahead of likely US rate rise and limited interest in safehavens as central banks pull out all the stops to keep the ball in the air.
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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