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Major Support & Resistance (pivot points – explained):
Pivot: 6457; Support: 6425, 6391, 6359; Resistance: 6491, 6523, 6557
Like Gold didn’t get the email about a weak USD and US political/fiscal problems yesterday, selling off sharply rather than benefiting, European equities didn’t get the overnight memo about the US and Asia shrugging off the US budget impasse.
Europe, having its own economic (slow recovery) and political issues to deal with in Italy (confidence vote for Letta‘s coalition today, Berlusconi still meddling), may be bypassing US uncertainty and directly pricing in long and drawn out negotiations and the possibility of it going all the way to the wire and the US Treasury actually hitting its debt ceiling on 17 Oct. If Politicians had any goodwill, it’s rapidly wearing thin.
The UK 100 break below 6400 takes retraced us to the lows of late August, the sell-off accelerating this morning. A trendline over falling highs from Friday meaning another upside hurdle at 6450, on top of the 6425 level of 2-day support and 6485 resistance to we already have to contend with. Regaining 6400 by 9.30am is a start I suppose.
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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