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The markets are mixed this morning after another day of global gains yesterday saw them back up to late July levels. A very quiet day for macro data today could cause some traders to take some risk off the table ahead of the weekend. Tensions in Ukraine seem to be easing slightly with the Russia aid convoy given passage into Ukraine, however, tensions in other parts of the world could still play their part in stalling the market rise. FED chair Janet Yellen is speaking this afternoon in Jackson Hole, with traders eager to see what her comments on the FED’s next move will be.
UK’s UK 100 hit resistance yesterday and again this morning at 6787 with the 3 week uptrend line still holding out as support. The UK 100 is continuing the uptrend from early August, however, the rate of the rise seems to be slowing. Is this a pause for breath or time for a slight correction? A break above 6787 could give rise to a push towards July’s highs of 6835, with a break of the support line giving potential to a fall towards 6739. However this was briefly broken this morning which could signal a move lower.
Germany’s DAX continues to eat into the losses seen at the end of July. Resistance has been seen at the current level of 9406 which was also a level of resistance early August. A break above this resistance level could see the DAX back at 9600, although failure to do so could see a slight pull back.
The US Dow Jones after breaking 17000 and then pushing through resistance at 17020 looks set to have a go at its all-time highs seen in July. However, with no macro data for release from the US today traders may look to book some profits and/or take some risk off the table ahead of the weekend. Resistance could be an issue at 17077, but a break of this level could set the DOW on course for a new all-time high.
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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.
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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
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