This week’s financial spread betting update is now available and can be read by clicking here.
Stock indexes have begun the week on the back foot, pulling back from last week’s highs. As we cover in this week’s update there is a critical level on the S&P 500 around 1385 on the March contract (around 1370 on the cash S&P500), which is the 2008 high. We can likely expect some resistance around those levels and if the S&P fails to clear resistance there we will likely see some sort of pullback that will likely drag the other indexes lower. However, a break above that resistance level would be very bullish and open the way to at least 1400, therefore focus should be on the market’s reaction at these levels if indeed they get there.
Currencies are mixed with some advances and declines for the dollar. We can expect the opposite move from the dollar that we see in the stock indexes due to the long-term inverse correlation between the two.
Commodities are also mostly off last week’s levels and Crude is down over a dollar at the time of writing, and gold is also lower by around $8. The long-term trends are still intact but there are possible trend changes to up this week in some of the grains markets and some metals.
This week’s financial spread betting update begins with: The past week has seen stock indexes continue to climb higher, in some cases to new multi-year highs. We have also on balance seen the dollar continue recent weakness and commodities advance.
Long-term trends are up for stocks and are heading that way for commodities. The trend for the dollar is up on balance but may be changing soon……continue reading by clicking here