This week’s financial spread betting update is now available. The aim of this update is to help you decide on your spread betting strategies for the week ahead.
During the past week we saw further weakness for the US dollar and indecision in the stock markets which having tested recent highs ended the week pretty much where they began. In early trading on Monday stocks have begun the week higher and we may get a test of 1118 on the S&P 500, which is resistance 1 soon. If that level is cleared then a test of resistance level 2 may follow, which is major resistance at 1129. The trend remains down as long as resistance level 2 holds.
Elsewhere the commodity markets had a good week with some decent up-moves seen in numerous markets, especially in the grains sector. One of the few commodity markets that did not fare so well was gold but this market seems to have found support.
The strongest and best trending sector at the moment continues to be the interest rate futures and both the 5 & 10 year T notes made new contract highs during the past week. We continue to be long this sector and have been since early May.
This week’s financial spread betting update begins with:
The past week saw the stock markets continue in the mixed fashion that we have seen of late and the markets remain undecided on future direction. We have also seen commodities begin to pick up, with some markets making decent moves to the upside and have seen continued weakness for the US Dollar.….