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Major Support & Resistance (pivot points – explained):
Pivot Point: 6347; Support 1, 2 & 3: 6320, 6289, 6263; Resistance 1, 2 & 3: 6377, 6404, 6434
Hopes of a thawing in the Washington deadlock given markets reason for cheer, with speculation of a solution to raise the debt ceiling, at least in the short-term, and Republicans possibly softening on the Obamacare element of the budget, reducing fears of a prolonged partial government shutdown and worse, a technical sovereign default.
Fed FOMC minutes not much help, with the committee torn on the subject of tapering QE3 but views on economy and headwinds (fiscal/financial/political) dating from before the US impasse took hold. Desire to taper before end-13 very possibly now pushed into 2014. Maybe even new Fed chair Yellen to pull the trigger after Bernanke leaves?
Rebound from yesterday’s lows taken us back to prior days breakdown 6385/6390. Test this morning, but no breakout yet. More news/confirmation from the US likely needed first. Downtrend from September still in place with a break of 6420 likely needed as signal of progress. Support at lows of 6340 and then 6320 – could be revisited if it looks as if we must be patient over another weekend.
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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