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Equities very strong this morning, continuing to build on yesterday’s bounce with breakouts across the index board giving hope to those with a bullish bias that recent highs can soon be revisited. The architect of the rally appears, ironically, to be the same lady who put markets on the their recent corrective path south. Fed Chair Janet Yellen striking a slightly more hawkish tone (Fed less worried) than last week appears to have gone a fair way to appeasing those cheap money addicts so fearful of continued rate rise uncertainty. More prepared for eventual small rate rise? Or simply confident in poor data (US/China) meaning further delay?
UK Index back above 6100 after breakout at 6050. DAX recovery yet to overcome 9700 resistance. Wall St. rebound from 16000 now almost 450 points. Gold understandably trading back from a visit above $1150 as markets make it a risk-on Friday and shun the safehavens.
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UK 100 broken above falling highs of the last week at 6000 which puts us back within recent 6000-6250 range meaning potential to regain recent 6300 highs. Beware overbought RSI.
Solid Green line
Possible support
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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 may have broken above falling highs from last week but it has yet to better the 9700 level which has proved tricky since mid-week. RSI close to overbought
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 broken above trend of falling highs from last week. Potential for recovery to longer term July falling highs. RSI back overbought
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 bounce from $1100 found a hurdle in 9-month falling highs at $1050. Another round trip within the narrowing pattern? Back to rising lows $1110?
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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