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Markets are mixed this morning after another day of losses yesterday as the S&P 500 fell below its 200 day moving average for the first time in two years as global growth concerns persist. US earnings season kicks off today with some big names reporting figures including Citigroup, JPMorgan and Intel.
The UK’s UK 100 found support at 6242, a level that we highlighted yesterday as potential support. Having found support the UK 100 has bounced back up through prior support with resistance now around 6391. A break of which could lead to a push towards 6500. The RSI have broken out of oversold territory as it looks to climb, whilst the 50 day moving average has broken below the 200 day moving average.
Germany’s DAX continues on its recent downward trajectory, however, support was found and more importantly maintained at year lows yesterday before regaining around 150 points. Resistance may come at prior support around 8898 with a break suggesting a possible move towards 9000. The RSI has broken out of oversold territory whilst the 50 day moving average has broken below the 200 day moving average.
The US Dow Jones is trading towards August lows after finding resistance overnight at its 50 day moving average. Support was formed around 16300 before the Dow regained 70 odd points. The Dow could be driven by corporate earnings today as some of the big names, including Citigroup and JPMorgan release figures.
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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
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
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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