This week’s financial spread betting update is now available and can be read by clicking here.
In early trading this morning stocks have continued higher, following their successful breakout last week. We had previously written about the possible inverse head and shoulders pattern on the S&P 500, should we get a break above the neckline (and the highs of the year at 1337.5). This happened last week, having previously provided good prior resistance and this has lead to a continuation higher over the past week, which has continued this morning.
In the UK, Monday is a Bank Holiday, but the FTSE futures are pointing higher by some 40 points but still remain at a critical point due to strong prior resistance. The Dax however is stronger, having taking out the highs of the year last week and is so far continuing higher this morning.
For once the Dollar Index is marginally higher but the long term trend remains very much against the dollar and as we wrote in this week’s update, the long term downside target is at 7070, still some way south of current levels. The energy markets and metals are also lower this morning and it remains to be seen as to whether we will see new all time highs for Gold this week and as to whether Silver will be able to clear the $50 mark.
This week’s financial spread betting update begins with:
Stocks have broken out to new highs for the year and the dollar has continued the long term decline. The weaker dollar has assisted Gold reaching a new all time high and Silver hitting new 31 year highs. The long term trends are still up for stocks, down for the dollar and up for commodities. .…continue reading by clicking here