Another day in the green regardless of the US/China tensions and protests in the US. The S&P had its 5th up Monday in a row overnight (making a 3 month closing high), Asia had a decent session this morning (with the Topix and SHCOMP trading above their 200d averages for the first time since Feb/ March accordingly) and EU equities are not trading any differently. The FTSE MIB once again confirmed the up-trend in the region as we saw it going through the key resistance level that our charts team has been flagging for a while(18600). Big gap to fill now but next resistance targets 20000 (7.5% higher). Volumes picked up after having a quiet day yesterday and all indices are trading well above their 20d AVATs. The focus will now be the ECB meeting and any news on the next OPEC meeting (Brent crude 39.1, a move above 40 could target 50).
The content on this site is available to all Redburn clients as part of Redburn Execution’s standard service. It is not considered substantive research and there are no commercial implications to viewing these pages.
Please enter your email address below to view this page. If you are still unable to access the page, please speak to your account manager.