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European bourses a little negative but outperforming US peers this morning with a weaker Euro / stronger dollar in the driving seat amid mixed news and commentary surrounding the US Fed (bad communicators?), Britain’s future in Europe and Europe’s waning confidence in the US administration. It seems as if general uncertainty prevails.
Aussie interest rates are unchanged. The RBA did leave the door open to a rate cut, however, but note that while much talk of lower rates pervades markets it seems clearer every day that the only beneficiary of such central bank action is the stock market in whichever country it happens to be taken. Consumer confidence thus left wanting…
Does the rally still have legs?
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UK 100 broke below 6380 but bounced off 6360. Bulls seeing it as still a pause within a longer term uptrend (since late-Aug) while bears undoubtedly eyeing the week-long falling channel and pull back to 6300.
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 found support again at a rising week-long trend line, however falling highs through Monday putting the index into a narrowing pattern. Consolidation or correction?
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 now very close to 5-month falling highs resistance having broken above key 200-day MA in mid-Oct.
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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Chartists might say the Gold sell-off is slowing at the floor of a 3-month rising channel with potential for a bounce back towards $1200 on the cards, while many will wait for US macro data to determine direction.
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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