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Equity markets are wallowing in a ditch this morning with little in the way of upside stimulus from Europe as many bourses are closed for business on Mayday. Nonetheless, UK 100 remains in an uptrend since Oct 2014 and investors should not be too disheartened. Germany’s DAX and Wall St have suffered similar fates with (unusually) a massive selloff in the bond market accompanying that in equities. Yet again, tech stocks bore the brunt of the damage, carrying as they do the baggage of 1999-2001. Gold has also tanked this morning, now trading at $1183. With things as they are, it’s hard to see where all the capital has gone.
UK 100 has fallen back onto a falling trend line that is acting as support and being tracked lower by the index this morning.
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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Germany’s DAX is still testing support around 11400 with potential for a recovery less likely today given the state of the market at large and the fact that the German stock market is closed for equity trading.
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 US Dow Jones has dropped back into the lower half of its range this morning while still (just) heading into a longer term pennant pattern. The index has breached 1794o support but found it again at 17760.
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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Gold has slid down the wall it crashed into yesterday to languish around April lows having been thrown from its rising channel along with any hope it might have picked up along the way.
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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