This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.
Equity positive for the last session of the week following an Asian rally which extended its run to the longest since April. Market risk appetite still driven by weak macro data buoying hopes of continued Fed rate hike delay and more stimulus from global central bank peers (PBOC, BoJ, ECB). There is even talk about the Fed re-evaluating negative rates, something they avoided they cut to the now 7yr old exceptional 0-0.25% range (not wanting to scare investors/markets with zero or less). Neither a mixed US earnings season mixed nor the unknown of China Q3 GDP on Monday failing to tame the bullish bias.
UK Index back testing 6400, potentially having resumed October rebound. DAX still trying, but struggling to break above 10200. Wall St now safely back above 17000, testing 17200 highs. Gold in steady October uptrend, trading around 200-day MA $1175.
Click below to expand sections.
UK 100 back testing 6400 suggesting appetite to resume October rebound. Pause for breath over. Lungs full for another 600pt rally? Beware 100-day MA at 6470.
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 still struggling to overcome falling trendline around 10200. However, coupled with support 9900 this could prove a consolidation range before a break higher and repeat of the 800pt rally earlier this month. Note 50-day MA at 10164 proving a hurdle.
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 futures now safely above 17000 and testing closer to 17200 overnight, a break above above which could take us back to 17800. Watch 100-day MA for resistance at 17240.
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 now in steady march north within the confines of a channel trendlines. Note 200-day support around current levels. Can it help with a return to June highs $1205?
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