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Major Support & Resistance (pivot points – explained):
Pivot Point: 6539; Support 1, 2 & 3: 6509, 6492, 6461; Resistance 1, 2 & 3: 6556, 6587, 6603
Despite the disappointment of last night (what a tease these US politicians, n’est-ce pas?) we’ve yet to test the Friday breakout 6520, so the uptrend remains intact with resilience suggesting markets convinced something will get done, on time, just. The rising lows since 10 Oct are providing decent support for now.
We’re sideways while we await more news from the US as its ticks towards its debt ceiling/borrowing deadline, of tomorrow with the negative watch warning from ratings agency Fitch failing to make too many waves, given that peer S&P stripped the US of its AAA rating over 2 years ago.
For now we are eying support at 6525, expecting little resistance before 6665 for any resulting relief rally when Washington finally delivers what the markets want – certainty and stability, even if only short-term, ie. for the next few months. Imagine if they actually agreed to something long-term rather than just booting the can.
As the deadline nears, maybe politicians need lyrics from a certain orphan for inspiration. Quite apt really (link)
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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