This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.
Equity indices are mixed this morning as excitement about the prospect of a delayed US rate rise following Friday’s inconclusive jobs data loses impetus. The UK Index is the underperformer, held back by financials and certain defensives although Oil majors and Miners are struggling to keep the index from worsening its retracement below 6900. Positive PMI services data from China overnight and much of Europe this morning is being tempered by a German disappointment hurting the Eurozone although DAX exporters aren’t hurting too much from a stronger EUR/USD. A stocking UK PMI Services figure is also being considered a simple rebalancing of the post-Brexit panic, much like PMI Manufacturing last week. Oil price gains are likely helping maintain the bullish sentiment seen last Friday for stateside Energy names.
The UK 100 may have broken out from a falling channel but it is struggling to hold its gains 6890. The DAX 30 is holding near recent 10750 highs, still trying to engineer a breakout beyond 11-month falling highs. Dow Jones futures have plateaued around 18520, slowed up by 3-week falling highs. Gold has bounced off 2016 rising support at $1305, helped by the weaker USD and hopes of a delayed rate rise and/or easy policy inspired inflation.
Click below to expand sections
The UK 100 may have broken out from a falling channel but it is struggling to hold its gains 6890. Even with a stonking PMI services print for August.
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.
Click here for help with Support & Resistance Click here for help with technicals
The DAX 30 is holding near recent 10750 highs, still trying to engineer a breakout beyond 11-month falling highs. Support at 10700 so far
Watch levels: Bullish 10730, Bearish 10690
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 18520, slowed up by 3-week falling highs.
Watch levels: Bullish 18530, Bearish 18495
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 bounced off 2016 rising support at $1305, helped by the weaker USD and hopes of a delayed rate rise and/or easy policy inspired inflation.
Watch levels: Bullish $1328 Bearish $1324
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
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.
Accendo Markets considers opinions and information contained within the research to be valid when published, and gives no warranty as to the investments referred to in this material. The income from the investments referred to may go down as well as up, and investors may realise losses on investments. The past performance of a particular investment is not necessarily a guide to its future performance. Prepared by Michael van Dulken, Head of Research