This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.
Equities are looking a little perkier this morning, albeit still in consolidation mode after hitting recent recovery highs. Investors appear to be interpreting last night’s inconclusive July Fed minutes (data still mixed, inflation muted and USD strong) as suggesting another US rate hike was not imminent and that easy policy – from a global standpoint – is here to stay. And whatever happens, the pace of any future US rate rises is almost certain to be very slow, especially while central banks do the polar opposite, printing money and cutting rates to kick start their own economies. So party on! Positive UK Retail Sales data from July adds to decent jobs numbers yesterday boosting sentiment by signalling no Brexit-induced consumer panic.
The UK 100 has found support at 6870 although remains in a downtrend since Monday’s highs. The DAX 30 is still managing to hold its July uptrend at 10570, but also remains in a downtrend for the week. Dow Jones futures remain in recovery mode from yesterday’s lows. A breakout at 18600 could ignite a very bullish signal. Gold’s narrowing trading range is unchanged at $1340-1355.
Click below to expand sections
The UK 100 has found support at 6870 although remain in a downtrend since Monday’s highs.
Watch levels: Bullish 6885, Bearish 6865
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
The DAX 30 is still managing to hold its July uptrend at 10570, but also remains in a downtrend for the week. Will it break higher or lower? Note the RSI recovery from oversold.
Watch levels: Bullish 10635, Bearish 10560
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
Dow Jones futures remain in recovery mode from yesterday’s lows, now in a shallow up-channel. A breakout at 18600 could ignite a very bullish signal – complex inverse head & shoulders reversal back to recent all-time highs and even beyond.
Watch levels: Bullish 18585, Bearish 18555
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
Gold’s narrowing trading range is unchanged $1340-1355. Will the safehaven and interest rate sensitive yellow metal eventually break to the north or south?
Watch levels: Bullish $1351, Bearish $1345
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
This research is produced by Accendo Markets Limited. Research produced and disseminated by Accendo Markets is classified as non-independent research, and is therefore a marketing communication. This investment research has not been prepared in accordance with legal requirements designed to promote its independence and it is not subject to the prohibition on dealing ahead of the dissemination of investment research. This research does not constitute a personal recommendation or offer to enter into a transaction or an investment, and is produced and distributed for information purposes only.
Accendo Markets considers opinions and information contained within the research to be valid when published, and gives no warranty as to the investments referred to in this material. The income from the investments referred to may go down as well as up, and investors may realise losses on investments. The past performance of a particular investment is not necessarily a guide to its future performance. Prepared by Michael van Dulken, Head of Research