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Equity markets are back in the red this morning, apparently taking stock of the global macro situation – UK Index investors viewing yesterday’s bearish candle as a worrying symbol, a late-in-the-day Wall St. sell-off as a serious concern and China rate and RRR cuts as perhaps too little too late.
US Fed chat now slating October as the next potential date for rate lift-off – so September’s officially off the cards then?
Note EUR/USD at YTD highs (on doubts the Fed will hike this year) will be pressuring European equities while buoying stocks on Wall St and boosting (or merely supporting…) the Gold price, which looks to have had its 15 minutes of fame, now stable around $1135.
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UK 100 volatile into Wednesday, off yesterday’s high point 6110 while supported by rising lows from Monday’s turning point. 6100 remains the bugbear 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 also found rising support overnight, though currently trading in negative territory on a strengthening Euro. Daily RSI struggling to return from oversold territory. 10,000 just about holding as support this morning.
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 struggling to push above 16000, currently in a 3.5 hour, 200pt range. Note bearish ‘megaphone’ (widening) pattern which could signal some more downside for the index when US markets open at 2.30pm.
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’s dropped out of yesterdays bearish pattern to find support just below $1135, currently holding firm around that level which coincides with solid August rising lows.
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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