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Equities are mixed, hovering around break even. This is not unusual as the US Federal Reserve begins its latest two-day monetary policy meeting. After all, investors from all asset classes are preparing to hear – tomorrow evening – more about the unwinding of its QE-bloated balance sheet (imminent?) and the timing of its next rate hike (Dec?).
The UK UK 100 is pushing higher thanks to a weaker GBP and positive contributions from HSBC (Asian calm), RDSb & BP (higher oil price), BLT (copper resilience, higher oil) and IAG (peers benefiting from RYA woes, GS sector update). This is offsetting a drag from BATS (new US regs, defensives being shunned) and BT (profit taking, defensives being shunned).
The German DAX is in the red as gains for Deutsche Lufthansa (RYA woes, GS sector update), Deutsche Post, Deutsche Boerse (end of CEO probe in sight?) and Fresenius Medical are undone by weakness for RWE (Exane downgrade), Adidas (strong EUR) and Linde (Norway supports merger with Praxair).
The UK Index 100 has extended its bounce to test Friday’s breakdown at 7280. The DAX 30 remains around the 12530 floor of a shallow rising channel. Dow Jones Futures have plateaued around 22350, with some bearish signals. Gold has found support at $1305 but could be forming a bearish flag lower.
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The UK Index 100 has extended its bounce to test Friday’s breakdown at 7280. Note RSI falling highs
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.
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The DAX 30 remains around the 12530 floor of a shallow rising channel
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 have plateaued around 22350. Bearish rising wedge? RSI holding above 50 = bullish , but also displaying negative divergence with price
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 has found support at $1305 but could be forming a bearish flag lower.
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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