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The usual caveats apply about this morning’s situation. Low volumes mean that markets are essentially trading on thin air, so gains and losses can appear and disappear much like snow in London around this time of year.
The Greek parliament goes to the polls at midday, with Samaras’s candidate looking shakier as the second round of voting looms. Until the result is known markets are liable to remain quiet, although even a defeat could still be shrugged off by indices which remain in a broadly festive mood.
FTSE RSI could offer late buying opportunity
The multi-day rally has continued, with the index pushing back above 6600. For now the 100-day moving average is acting as resistance, as was the case yesterday, but a close above here takes us on to 6680 and then 6760.
The hourly chart has yet to see a test of the 50-hour moving average, although with the intraday relative strength index sagging we might be witnessing a brief dip in momentum that could afford a late buying opportunity for those that missed the rally of the past few days.
50-H MA brings out buyers for DAX
Germany remains stalled at around the 9900 level, having flirted with this zone over a number of sessions.
The resistance level to watch for the DAX is 9930, with a close above here igniting another move higher. For now the 50-H MA continues to bring out the buyers, although another dip may be in the offing if the intraday RSI continues to move lower.
A drop back first targets 9720, and then 9520.
Dow eyes 17,520 as support
The magical 18,000 level still eludes the Dow Jones but the trend is still up. The index’s little brother, the S&P 500, closed at fresh record highs last night, so once the Greek imbroglio is out of the way for another week (a third round of voting is on 29 December), and presuming US data this afternoon is sufficiently reassuring, we could see the Dow follow suit.
On the downside we look to support around 17,900, then 17,800, with the 200-H MA at 17,520 also acting as distant support should the year-end rally suddenly turn sour.