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A new day but the same headlines are dominating the markets. Barack Obama’s comments last night on the implementation of further sanctions against Russia turned investors cautious towards the close of play in the States causing a pull back in the DOW. A plethora of Blue Chip earnings have dominated the European markets with the UK 100 taking some of it’s direction from these firms. Tensions in Russia and Israel will continue to play their part in the direction of these markets, however a raft of data, including US ADP Employment figures could steer the market either way. The FOMC announcement this evening will be closely watched with many looking for signs of a time frame for an interest rate rise.
The UK’s UK 100 is continuing it’s sideways trend, trading lower by 16 pts this morning erasing yesterdays gains. We are back below 6800 after taking the baton from a weaker US trading session. We could see support at 6780 and again at 6755 with possible resistance seen at 6800 and 6832. Company earnings and tensions in Russia and Israel will still be the drivers for the UK 100 .
Germany’s DAX has had a lackluster start to the morning, trading lower by just 6 pts. The downward trend from the early July all-time highs continues as tensions in Russia/Ukraine and Israel take their toll. With support seen at 9630 and 9568 and break of these levels could signal a pull back towards the 9400’s that we saw in April. Having said that, the long term up trend from June 2012 is still in tact.
The US Dow Jones sold off towards the end of the trading session last night after President Obama announced tougher sanctions against Russia. Futures are pointing to a slightly higher open for the DOW today, however, with both Mortgage Application and ADP Employment data due for release before the opening bell we could see this change significantly. 17000 may come back into play as a level of resistance for the DOW with a break of this level then finding possible resistance at 17020 and again at 17118.
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Possible support
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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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