Financial spread betting update for the 23rd August 2010

This week’sfinancial spread betting update is now available and can be read by clicking here. This week we continue our focus on spread betting strategiesfor gold and the S&P 500 as well as looking at other markets of interest.

Last week we wrote that both gold and the S&P 500 could be setting up for decent moves and that they would be worth watching in the week ahead. Both markets did go on to make decent moves, gold broke out of the trading range that it had been in, clearing resistance in the process and the S&P 500 also made a break to the downside.

Commodity markets were mixed on the whole with decent moves to the up side in the soft commodity markets, especially Coffee and Sugar as well as gains for the cattle markets. Energy markets did not fare so well, with a new move to the downside for Crude oil, following the weakness that had been seen in heating oil and no leaded gasoline the week prior.

Currency markets were also interesting, with the Euro resuming the long term downtrend and a general move away from the riskier currencies towards the haven currencies, Swiss Franc, Japanese Yen and US dollar.

So far this morning the markets have been fairly quite with a mild continuation of the trends from last week. The week ahead could be an interesting one and the stock markets may be building up for a big move.

This week’s financial spread betting update begins with:

Stocks moved further to the downside, reaching 4 week lows in the process having failed once again to clear short term resistance. The US Dollar continued its recent rise against most of the major currencies, whilst commodity markets were mixed..…

Good trading

Phil Seaton

 

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