06:45 UK Indices Continue Catch-Up : FTSE 250 New 52 Week High, AIM Sets-Up to Break Out: 32% of FTSE100 making 52 Week Highs this Week
FTSE 250 closed in the green Wednesday continuing its mov north making another new 52 week high, AIM All share also advanced and is in a volatility squeeze set to break out. 16 of the FTSSE 100 components made 52 week highs yesterday alone, making 32 this week in total . 49 of the FTSE250 have made 52 week highs this week while AIM sees just 33 of the 645 making 52 week highs
Heat map below shows the participating sectors with a fairly even split of advancers to decliners to unchanged and a fairly broad rally across the board with outperformance in a number of key inflation sensitive sectors like travel retail construction. Notable outperformance of Renewables names - these tend to behave like liquidity indicators and are increasingly turning more bullish
In commodities and currencies, dollar index continues to hold around the 104 level into the US GDP numbers later today. Gold which had been consolidating around the 8 EMA makes a move north eyeing the $2200 level and last week's all-time-highs. Today's US data may provide the catalyst to set direction more firmly - mindful of the shooting star pattern formed on the weekly last week highlighted in the weekly wrap . The price action continues to maintain a bullish bias and may just grind higher given the consensus bullishness on gold as an inflation hedge.
Brent oil dipped briefly yesterday on the EIA inventories unexpected build but held the 21 EMA but bid off this and holds north of the 8 EMA maintaining its bullish bias and supporting Oil & Gas names
Copper which had dipped again to the 21 EMA yesterday has bid off this and is holding around the$4 level
Dollar holds the $104 level into US GDP data later today
Brent consolidating around the 8 EMA having bounced off the 21EMA on EIA inventories : maintains bullish bias
Gold defying stronger dollar, traces 8EMA support - eyes $2200 level
On the calendar
- UK GDP at 0700
- US GDP at 13:30
