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Major Support & Resistance (pivot points – explained):
Pivot: 6615; Support: 6599, 6572, 6553; Resistance: 6645, 6664, 691
The index rebound from end-June is intact, however, 6655/60 has become a bit of a hurdle. Some are worried at the loss of momentum and a possible correction to 6500 ensuing; others content to see the sideways action and consolidation persist, increasing the potential of a more solid platform ad springboard being created for a continuation of the July rally and possible revisit of May and 13.5yr highs of 6875.
Tech results disappointments, Eurozone woes (Portugal) and fading relief after calming words from Bernanke both trumping optimism from Japan and strong US financials results (keeping US indices near all-time highs.
Data-wise this week, China PMI Manufacturing to spice things up after recent slower GDP. European PMIs (Manufacturing & Services) to remain in contraction. UK GDP to hint at recovery. US PMI Durable Goods likely to get taper sentiment swinging again. In terms of labour data, it’s all Royal baby-focused today.
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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