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Global markets are have started the session higher this morning following a strong finish in the States that saw the Dow Jones register its second record-high close of the week. This morning has seen the Dow register a new intraday all-time high driven by strong macro data yesterday which saw the Philly Fed Business Outlook post 40.8 for November, more than double the expected 18.5 and its highest since December 1993. Strong housing data also played its part in pushing the Dow to record highs, giving it a 7% gain for the year. Mario Draghi is currently speaking which is also aiding the rise.
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The UK’s UK 100 has this morning broken back above its 50 and 100 day moving averages although resistance looks likely at its 5 week rising trend line. 6700 is still the level to look out for with the UK 100 flip flopping either side of it over the last few days with no real meaningful break in either direction yet. Support on the downside should be provided by the 50 and 100 day moving averages, whilst the RSI is rising and is now touching the overbought level.
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 has broken above prior resistance this morning to trade at 2 month highs with 9700 now being its next target level. Support should come around the 50 day moving average and again at the 100 moving average. The RSI is now trading firmly in overbought territory and is still rising.
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 continues to climb higher this morning after a breakout of its 1 week trading range, registering a new all-time high. Support may now come at the top end of the prior trading range around 17708. As for the upside, the DOW will now look for a break of 17800 before sights will be set on 18000. The RSI continues to rise and is now firmly in overbought territory.
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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