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LS Trader Financial Spread Betting Weekly Update

This week’s LS Trader  financial spread betting update is now available and can be read by clicking here.

This week we look at the S&P 500, which remains in a lateral trading range and may be set to test the highs of that range this coming week. We also have another look at Gold which hit new all time highs during the past week, and Crude Oil, which has continued to struggle with resistance levels of late. Long term the trends are up for the S&P 500, up for gold and down for Crude Oil. Further out we expect a long term trend change to down in the stock markets with potentially a large move lower before the end of the year, at the very latest by March next year.

We also look at the forex markets and in particular the Dollar Index, Euro and British Pound. The Euro has been our biggest winning trade so far this year and we banked some 1305 financial spread betting points when we rolled the June contract over in to September last week and we still remain in the trade. The Pound in particular has a key resistance level to surmount if it is going to get any higher from here. From a financial spread betting perspective the forex markets have provided us with most of the better trades this year. In general, our most profitable trades each year on the LS Trader system come from the forex markets as they tend to trend better than most markets.

This week’s update begins with:

The major support levels in several markets could be tested as numerous markets are in sideways ranges with clear levels of support and resistance ….

Good trading

Phil Seaton

 

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