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Equities in the red this morning, despite a more muted start, with a negative Asian session, renewed Chinese volatility and RBA minutes reviving jitters, some poor UK & Eurozone macro data and of course (I really tried not to mention it) nerves in the run-up to Thursday’s Fed meeting and potential rate hike.
UK Index broken below 3-week trend of rising lows, but uptrend not quite written off thanks to bounce off 6010. Dax also broken below 3-week rising lows. Shallow falling channel headed towards 10000. Dow 3-week uptrend intact with support at 16350. Gold still struggling to break above $1110.
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UK 100 broken below trend-line of rising lows from Aug 25. Trend-line turned resistance overnight after retest of 6120. Uptrend still alive thanks to bounce near 6010, but falling highs and lows from 8 Sept can’t be ignored.
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 broken below trend-line of rising support from Aug 25. Trend-line turned resistance overnight. Intersecting trend-line of support suggests downside to 10000.
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 uptrend from Aug 26 intact. However, after yesterday”s failure to better 16500, watch falling highs from Sept 9 for potential to generate a break of the rising trend at 16200.
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 failure to get above $1110 keeps downtrend from end-August intact. Whether the uptrend from late July prevails depends on whether $1110 hold up.
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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