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Major Support & Resistance (pivot points – explained):
Pivot: 6458; Support: 6435, 6407, 6384; Resistance: 6486, 6509, 6537
Equities pretty calm with passing of the US budget deadline and beginning of partial government shutdown.
Brinkmanship going on for so long that the probability was high that neither party would budge. Nonetheless, it’s Republicans (Congress) demonstrating worry about being blamed for shutdown, suggesting it might be they who give in with a revised proposition, leaving Obama‘s flagship Healthcare alone (it comes into effect today anyway, Republicans just wanted to delay), removing just the medical devices tax hike element – potentially enough for Democrats (Senate) to agree to.
Nonetheless, for every hour than goes by without an agreement, the US takes a step closer to another stand-off on raising its debt ceiling to pay its bills. This is an altogether more worrying issue denting the USD (8-month lows), with appetite for the reserve currency falling as desire to own US debt (and need for USD to buy it) drops with the looming possibility of the US approaching the ceiling, ratings agencies downgrading the nation’s credit or indeed the sovereign doing the unthinkable and actually defaulting on its debt.
UK 100 trading within off worst levels of yesterday morning, and overnight lows in-line with yesterday’s afternoon lows. Watching for breakout above 6485 and the 6520 for potential revival of uptrend. Breakdown below 6430 would open up downside to 6390 and 6350. Negotiations stateside may dominate, but plenty of European data to add spice.
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
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
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
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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