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Equity markets are hurting from the Bank of Japan’s (BoJ) overnight decision to hold off from further stimulus, something that surprise financial markets that remain, to say the least, addicted to highly accomodative monetary policy. This has undone all of the supportive work and positive response from what its US counterpart (the Fed ) had to say yesterday evening where a solid balancing act of less worries about external headwinds offsetting weaker US data allowed it to maintain its dovish stance.
A handful of ex-divs and poorly received results from Lloyds are also adding to the fray even if Miners are in vogue driven by a weak US Dollar (blame BoJ-inspired Yen strength), commodity price stability and sector self-help progress (Anglo American announced biggest disposal to date). Better Facebook results may have revived some faith in the tech sector, but USD weakness is hurting the DAX via resulting EUR strength. We warned you yesterday that it was likely to be a big night for the markets.
UK 100 sell-off found support at the key 2-month level 6220. DAX30 6-day downtrend found support at 6-month intersecting trendline and 200-day moving average at 10115. Wall Street/Dow futures traded down towards Monday’s 17850 lows. Support? Gold rebound rally already reached $1260 as risk appetite slips. Back to the highs?.
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UK 100 retreat found support at ceiling of 6-week March sideways channel which we finally broke above on 12 Apr. Has it turned supportive? Bounce or breach?
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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DAX short-term sell-off halted at 10120 by intersecting 6-month support and 200-day moving average. Uptrend to resume?
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 Dow Jones has traded back to the lows of the week. Enough support to sustain the April uptrend? Note Daily RSI broken below rising support.
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 benefiting from reduced appetite for risk assets and a weaker USD making it cheaper. Back to the 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.
Click here for help with Support & Resistance Click here for help with technicals
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