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Major Support & Resistance (pivot points – explained):
Pivot Point: 6614; Support 1, 2 & 3: 6594, 6564, 6545; Resistance 1, 2 & 3: 6643, 6663, 6692
Optimism there may be, but hurdles there are also. The UK 100 made it to our target of 6665 (futures spiked up last night) which was the highs of mid-September, however, it has since fallen back with the intersecting trendline from end-June proving just too much. Has the 6% rally this month run its course? Long tail on the daily candle like in May.
Could this be the end-of the 1-month reversal, with a turn back to 6500? Or will support at the recent 6585 breakout and rising support kick in to keep things going. Getting above 6665 and then 6705 would break the trend of falling highs since May and might even allow for a run-up to test the 6875 near-visit of the index’s all-time dot.com highs.
This week prepare for the release of delayed US data including Non-farm Payrolls. The data for September may be taken with a pinch of salt, as it was before the US shutdown. The same will likely be true for October prints, so all eyes on proof the Fed will continue to have difficulty using data to justify a 2013 taper. Markets expecting early 2014.
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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