This week’s financial spread betting update is now available and can be read by clicking here.
In early trading this morning stocks are higher and the dollar is lower. Greece has just passed a vote on very unpopular austerity measures in order to secure the next bailout and stocks are higher as is the Euro. It is likely that we will see another test of our 1355 target on the S&P500 March contract this morning, which represents the 2011 high. If that resistance can be cleared then a continuation of the rally may lead to a new target at 1385.
Commodities are also mostly higher with April Crude up over $1 this morning briefly going back above the $100 level. As we cover in this week’s update, Crude has been in a range of late but since the trend is still up and the 200 day moving average still providing support, an upside breakout is looking more likely. Currently the highs of the year sit at $104.10 on the April contract so that would be a possible target.
Heating Oil has also been moving higher as demand has increased from extremely cold weather in Europe. I don’t remember the last time I saw minus 10 on the thermometer that I saw on Sunday! However, since the recent gains on heating oil there are some signs of tiredness in this market so we may see a small correction before the up move continues. The trend is up for the energy sector still, with the exception of Natural gas, which seems to be in a permanent downtrend.
This week’s financial spread betting update begins with:
The past week has seen stocks and the dollar end the week relatively flat although stocks did rise to new highs for the year. The trend for the dollar remains up overall and commodities remain mixed………continue reading by clicking here