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Equity markets have started the new week on the front foot, helped by upbeat earnings reports and hopes that weak US data will keep an era of dirt-cheap US Fed money around for a little longer as well as signs of stabilizing Chinese property price declines. The Greek tragedy remains very much in focus with a new loan payment deadline of 5 Jun in focus, public sector bills to pay and banks seeing money (and thus capital) flying out the door. However, panic has yet to surface. UK 100 still testing 7000, Germany’s DAX under the cosh at 11600, Wall St flat near all-time highs and Gold broken out to 4-month best $1230.
UK 100 sideways for the last few sessions with a northerly appetite that has failed to see much progress on 7000. Holding above 100-day MA. Uptrend from mid-December alive. Falling highs from April still a worry. Double top over last two sessions.
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 is still struggling to overcome the resistance of falling highs from mid-April. Nonetheless, two attempts with support at 11400 bodes well for a break-out. Uptrend from mid-October still in play, but repeated tests of 100-day moving average are a concern.
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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The US Dow Jones has made it back to all-time highs and so sits right at the ceiling of its multi-month sideways shift. As we asked last week; can it break higher, or will it correct lower? Long term uptrend intact. Rising daily RSI still favourable.
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 has made another breakout, this time to trade 3-month highs $1230 thanks to a weaker USD (rate rise expectations pushed back) and renewed interest in the safehaven store of wealth. Clear water to Jan highs $1307?
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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