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Equity indices are displaying oft seen Friday weakness, investors digesting strong 3-4% rallies of the last week/10-days and the latest outlook on monetary policy from the BoJ and Fed. The former remains dovish but the latter is at pains to suggest a December rate hike. A USD rebound and Oil prices peaking are thus serving to check a Mining sector rally, even if commodity prices themselves remain bid on a revival of confidence in China and Emerging markets. Banks remain pressured by the prospect of lower rates for longer and global growth uncertainty. Defensives more in favour into week-end.
The UK 100 is back from Sept 6935 highs, doing its best to hold above 6880 to maintain the uptrend since mid-month. The DAX 30 has rolled over to test 10650 after its strong 10500-10700 jump yesterday. Dow Jones Futures are back from August falling highs at 18450. Intersecting 11-month support at 18350? Gold has faltered at $1345 in response to the USD rebound which keeps it within the confines of its July narrowing pattern.
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The UK 100 is back from Sept 6935 highs (also 17-month falling highs resistance), doing its best to hold above 6880 to maintain the uptrend since mid-month. Breakdown, or bounce-back?
Watch levels: Bullish 6905, Bearish 6875
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 has rolled over to test 10650 after its strong 10500-10700 jump yesterday. Like the UK Index the sell-off was inspired by 18-month falling highs resistance.
Watch levels: Bullish 10650, Bearish 10630
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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Dow Jones Futures are back from August falling highs at 18450 after completing yesterday’s bullish flag. Intersecting 11-month support at 18350?
Watch levels: Bullish 18380, Bearish 18340
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 faltered at $1345 in response to the USD rebound which keeps it within the confines of its July narrowing pattern. Back to the floor?
Watch levels: Bullish $1338, Bearish $1333
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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