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Index Focus - 21 September 2017

Equities are taking the Fed’s latest policy tightening move in their stride. Probably because it was one of the most telegraphed moves ever, balanced up with the door being left ajar for another December hike but with a nod to data remaining choppy and inflation/wages still unconvincing. No drama, just like the Fed (and markets) prefer.

The UK  UK 100 is flat as USD strength weighs on commodities, offsetting the benefit of GBP weakness. Positive contributors include RDSb & BP (oil resilience, weaker GBP), Banks (tighter Fed policy), CRH (M&A), PRU (hurricanes less destructive) and AAL (stake purchase). Holding it back are Household and Personal goods (ULVR, RB) , RIO (strong USD, metals lower), CPG (CEO departure) and Telecoms (capital intensive dislikes tighter monetary policy).

The German DAX is outperforming thanks to a weaker EUR, strong gains for Banks (M&A) and a mix of Insurers & Autos, offsetting weakness among Utilities (RWE, EON), Deutsche Telekom and Household/Personal Goods (Beiersdorf, Henkel).

The UK Index 100 is sideways at 7275, penned between rising support and falling resistance. The DAX 30 is holding  above 12600 in a bullish pattern towards 12900. Dow Jones Futures above 22400, remain in their uptrend, another fresh high yesterday. Gold has broken below $1300, extending its September down-channel .

Click below to expand sections for more detailed analysis

Where next?
  1. Will the index fall towards lows of 7,195? or;
  2. Will the index rise towards highs of 7,430?

The UK Index 100 is sideways at 7275, penned between rising support and falling resistance. Rising channel or turning over?

  • Watch levels: Bullish 7,300, Bearish 7,255

Solid Green line
Possible support

Solid Red line
Possible resistance

  • Trend: Sideways
  • Potential support: 7265, 7250, 7240, 7230, 7220, 7210, 7200, 7195
  • Potential resistance: 7280, 7290, 7295, 7300, 7310, 7320, 7340, 7360, 7400

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

Where next?
  1. Will the index fall towards lows of 11,865? or;
  2. Will the index rise towards highs of 12,900?

The DAX 30 is holding  above 12600 in a bullish head & shoulders reversal pattern back towards 12900.

  • Watch levels: Bullish 12,620, Bearish 12,595

Solid Green line
Possible support

Solid Red line
Possible resistance

  • Trend: Uptrend
  • Potential support: 122600, 12580, 12560, 12530, 12500
  • Potential resistance: 12620, 12650, 12675, 12700, 12800, 12900

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

Where next?
  1. Will the index fall towards lows of 22,100? or;
  2. Will the index rise above highs of 22,430

Dow Jones Futures above 22400, remain in their uptrend, another fresh high yesterday

  • Watch levels: Bullish 22,420; Bearish 22,395

Solid Green line
Possible support

Solid Red line
Possible resistance

  • Trend: Uptrend
  • Potential support: 22405, 22395, 22360, 22340, 22320, 22300
  • Potential resistance: 22420, 22430, -

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

Where next?
  1. Will Gold fall towards lows of $1,240? or;
  2. Will Gold rise towards highs of $1,358?

Gold has broken below $1300, extending its September down-channel .

  • Watch levels: Bullish $1300, Bearish $1290

Solid Green line
Possible support

Solid Red line
Possible resistance

  • Trend: Downtrend
  • Potential support: 1290, 1280, 1270, 1250, 1240
  • Potential resistance: 1300, 1305, 1310, 1315, 1320, 1330, 1335, 1340, 1350, 1358

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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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.

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