This week’s financial spread betting update is now available and can be read by clicking here.
Stocks have begun the week with a continuation of the weakness seen at the tail end of last week. S&P 500 futures are just edging below the lower trend line of the bull channel that we have been writing about recently so we may be going to see some further weakness in the short term for stocks. As we cover in this week’s update, we need to see what happens with today’s action and closing price in order to see if last week’s highs will be the top for the time being. A long down candle on the Nasdaq 100 would complete an evening star reversal pattern, which would be bearish for the short term.
The dollar is gaining ground this morning particularly against the commodity based currencies and is also higher against the Pound and the Euro which both made reversals in the direction of the long term trend last week and may yet head lower. If stocks do continue to falter we will likely see some further dollar strength and this will have an impact on commodities. Gold has moved back below $1700 and will likely test last week’s lows at $1688. The trend remains down for gold.
This week’s financial spread betting update begins with: The past week has seen stock indexes continue to climb higher but there are signs that momentum may be beginning to wane. The dollar has also advanced for the week overall and commodities have been mixed. With a few exceptions volatility is at much lower levels than it has been for much of the past 2-3 years and many markets are trending well.
Long-term trends are up for stocks and mixed for the dollar and for commodities.……continue reading by clicking here