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Equity markets already continuing to retrace towards recent lows after what was nothing more than a teasing bull-trap rally exacerbated by short squeezes. And it’s the same old drivers pulling sentiment south; Oil back below $30/barrel and China jitters still to the fore. As we have asked repeatedly this week, “what’s changed?” for a rebound and recovery to be warranted. In the words of Paul Daniels, “not a lot”. If anything, its earnings season in the US, which so far haven’t seen updates from the big-guns welcomed with open arms (Alcoa, JP Morgan, Intel). Can Citigroup revive optimism?
UK Index broken back below 5900, headed towards recent lows 5835. DAX falling highs undisturbed towards 5-month support around 9620. Wall St’s still nursing falling highs, but support building at 16100. Gold’s bounced off $1070 but in new falling channel.
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UK 100 failed again at 6000 and now broken below 5900. back to recent lows? For a rebound or breakdown? Still in long-term downtrend. If the last week is consolidation, it before a rebound or another leg 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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DAX rally turned back at 9950 allowing it maintain its trend of falling highs from end-December. As the range narrows, will 5-month rising support or 1-month falling resistance prevail?
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 still bearing a southerly course. Will it test as far as 16000, or has it already consolidated the January declines? RSI still in recovery mode.
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 $1070 but faces a hurdle in falling highs from recent bounce highs. Which will win between the rising support and the declining channel ?
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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