This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.
Major Support & Resistance (pivot points – explained):
Pivot Point: 6541; Support 1, 2 & 3: 6509, 6484, 6452, ; Resistance 1, 2 & 3: 6565, 6597, 6622
After some progress from 6-week lows the sideways drift has turned south, resulting in an acceleration of the downtrend from end-October. A succession of falling lows from Monday has also ushered the index close to 6500, close to 6-month rising support. Still in a correction.
Speculation rife on whether the Fed will taper next week and note the overnight US budget deal being both a political and taper positive, potentially removing the risk of another government shutdown in mid-Jan. A muted market reaction, however, with markets seemingly prepped for a possible early taper following recent jobs data.
Those after market-moving data will have to wait it out again with nothing until Thursday when we get updates on Eurozone Industrial Production, the ECB’s monthly report, US Retail Sales, Jobless Claims and Business Inventories.
Watch levels: falling highs 6500 and 24-hour highs 6545.
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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