This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.
Global markets edged higher once again yesterday with the US Dow Jones and S&P 500 both registered closing record highs. The Dow has now set 23 new record closing highs so far this year, whilst the S&P 500 has notched up 39. Trading was relatively subdued in the US yesterday whilst European bourses made strong gains, driven by corporate earnings. Markets have started higher this morning, once again being buoyed by some strong corporate earnings, namely Vodafone. Today sees yet another quiet day for macro data although the markets will be keeping a firm eye on developments in Ukraine as tensions continue to rise and threaten the ceasefire that already looks fragile.
Click below to view graphs.
The UK’s UK 100 is trading at 5 week highs after strong corporate earning have pushed the markets up. The 3 week uptrend from October lows continues to hold with a run up towards 6700 now a strong possibility. The 50 day moving average is likely to remain a level of support for the UK Index as it continue to make inroads back towards September 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
Germany’s DAX has broken back above resistance at 9350, which could now provide support. The 3 week uptrend is still intact, however, overnight saw the 50 day moving average break below the 20 and 100 day moving averages, whilst the RSI is trading very close the overbought territory.
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
US Dow Jones continues its 3 week uptrend and also continues to register new all-time highs. The bullish flag pole formation we highlighted last week looks to be coming to fruition with 17700 in sight. Support is likely at the 50 day moving average around 17583 and again at the 100 day moving average. The RSI, however, has begun to fall after bouncing from overbought.
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