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Equity markets mixed this morning with Wall St. futures again outperforming European peers UK 100 and DAX following yesterday’s afternoon sell-off while US Fed speakers pushed the case for a December rate hike. The quiet morning comes as markets take a breather, though it remains to be seen whether this is consolidation ahead of further declines or the foundation of a relief rally grounded in the US central bank’s confidence.
The UK Index (support holding around 6150) and Dow (pausing around 17450) look to be in the midst of bearish flag patterns while the German DAX has rallied – presumably buoyed by a downwards headed EUR/USD.
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UK 100 taking a break from yesterday’s sell-off and could be set for another leg down if this turns out to be consolidation phase of a bearish flag pattern, also note potential risk-off into the weekend.
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 made a rough double bottom bounce off 10700 overnight but back under pressure this morning having met resistance at a falling trend line which keeps the week-long trend of falling highs alive.
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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US Dow Jones futures’ Nov downtrend intensified overnight and, like the UK 100 , could be in consolidation phase of a bearish flag pattern. Also potentially vulnerable to risk-off selling into the weekend. Note however the RSI has returned from oversold 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.
Click here for help with Support & Resistance Click here for help with technicals
Gold languishing near historic lows as more clarity emerges regarding US Fed and ECB policy. Markets now betting on a US rate hike and clearly showing preference for interest bearing treasuries. Still, 5-year lows…..
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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