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Index Focus - 23 January 2018

Equities are mixed despite resolution of the US government shutdown, bolstering the fact that geopolitics now has little bearing on investor sentiment, immune to threats that come and go (Brexit, Trump, North Korea, Elections). The Davos forum is underway, German ZEW surveys beat forecasts and corporate results are skewed positive. Commodity price weakness amid USD strength is trumping GBP weakness to ensure the UK Index underperforms.

The UK Index has retraced early gains to trade negative, dragged lower by Miners (stronger USD, metals lower, copper drop), HSBC (continued profit-taking), WPP (broker downgrades) and NG (Ofgem Hinkley Consultation), overpowering the positive contribution from an array of defensives (ULVR/BATS/DGE; GBP off highs), SKY (still optimistic on acquisition by FOX), STAN (preferred vs HSBC), VOD (technical bounce, sector strength), CRH (GBP off highs), GSK (sector M&A), IAG/EZJ (EZJ strong Q3 results, IAG’s Niki acquisition thwarted).

Germany’s DAX outperperforms on EUR weakness, with two-thirds of members in the green, led higher by Fresenius, Deutsche Boerse, Bayer,  Lufthansa and SAP, with minimal drag from Infineon.

The UK Index 100 has pulled back to 7710 rising support. The DAX 30 has retreated from breakout to 13600 fresh record highs. Dow Jones Futures have found support at yesterday’s 26150 breakout. Gold is struggling to overcome $1338 due to the UDS having found support.

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Where next?
  1. Will the index fall towards lows of 7,509? or;
  2. Will the index rise towards highs of 7,805?

The UK Index 100 has pulled back to 7710 rising support.

  • Watch levels: Bullish 7,745, Bearish 7,710

Solid Green line
Possible support

Solid Red line
Possible resistance

  • Trend: Sideways
  • Potential support: 7710, 7705, 7690, 7683, 7670, 7640, 7610
  • Potential resistance: 7745, 7750, 7760, 7790, 7805

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 12,750 or;
  2. Will the index rise towards highs of 13,600?

The DAX 30 has retreated from breakout to 13600 fresh record highs

  • Watch levels: Bullish 13550; Bearish 13500

Solid Green line
Possible support

Solid Red line
Possible resistance

  • Trend: Uptrend
  • Potential support: 13515, 13500, 13485, 13420, 13400, 13350
  • Potential resistance: 13570, 13600, -

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 25,700? or;
  2. Will the index rise towards highs of 26,325?

Dow Jones Futures have have found support at yesterday’s 26150 breakout

  • Watch levels: Bullish 26,2225 Bearish 26,150

Solid Green line
Possible support

Solid Red line
Possible resistance

  • Trend: Uptrend
  • Potential support: 26150, 26115, 26075, 26050, 25975
  • Potential resistance: 26225, 26240, 26260, 26285, 26300, 26325

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 $1,309? or;
  2. Will Gold rise towards highs of $1,345?

Gold is struggling to overcome $1338 due to the USD having found support.

  • Watch levels: Bullish $1339, Bearish $1334

Solid Green line
Possible support

Solid Red line
Possible resistance

  • Trend: Sideways
  • Potential support: 1335, 1333, 1330, 1325, 1320, 1315
  • Potential resistance: 1338, 1340, 1342, 1345

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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