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Equity markets are mixed, while essentially flat as they often (read always!) are in the run-up to a FOMC statement. We’re looking for vocal tones from Janet Yellen after market today (the press conference is at 6pm) to dictate US and Asian market direction overnight, with the UK’s UK 100 sure to react in kind in futures trading. Also of note today is UK Chancellor George Osborne’s budget statement looking to fill a surprise £18bn black hole in UK finances by, among other things, doubling the premium tax levy on insurance companies. With a lot more spending than savings thus far confirmed (HS3, housing, help-to-save…), it’ll be interesting to see where else he’ll find the all-important savings. An unfreezing of fuel duty, perhaps?
UK Index largely unchanged from yesterday beneath falling highs, trading around 6150 and a little weak given the reasonably solid jobs data that we saw earlier. DAX is still battling 10,000. Wall Street is maintaining its northerly course, just, with a confirmed breakout above 17100 resistance. Gold is in a narrowing pattern, trading either side of $1232.
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UK 100 selling back from 6170 resistance with a break below yesterday’s rising support line. However, the March sideways trend still has potential to be extended consolidation ahead of further upside for the index. A break out above the 200-day MA would encourage bulls further.
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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DAX is testing 10,000 again although upside has been capped by a rising trend line that’s stifling progress up the Feb rising channel. The channel floor still presents a target for bears while bulls are hopeful of a breakout.
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
US Dow Jones back above 17200 and still within the confines of a duo of trend lines. Rising 1-month support is still close by at 17050 while a break above 17300 looks ever more likely if current trend continues. Can it get there before the Fed?
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 has regained the shallower 2-month rising support in what could be consolidation ahead of further downside given the prior sell of from 11 Mar $1284 highs.
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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