This week’s financial spread betting update is now available and can be read by clicking here.
Stocks have begun the week higher, but not by much and based on the dollar’s move, something that could quickly and easily reverse. The moves this morning have come from the dollar, which is pressing higher and looks set to test some key resistance/support levels today which we cover in more detail in this week’s update. The Euro and Dollar Index in particular are the markets to watch and if these two break out of their current ranges and through in the case of the Euro, a fairly critical support point, we will likely see the dollar gain ground against the other majors and further weakness for stock indexes.
In addition, commodities may also weaken. Gold and Crude are already lower this morning, Crude has already been lower by a dollar and Gold lower by almost $20. As we also cover in this week’s update, Crude is approaching a very good support area and one that will take some breaking. For now the Euro is holding above support and at an area that has also attracted buying of late so it is equally possible that the Euro will push higher and the opposite reaction that we wrote about above in other markets follow.
This week’s financial spread betting update begins with: The past week has seen stocks continue to head south, and all but the Nasdaq 100 are now below the 50 day moving average, so the short term trend is down. The long-term trend is still up however for all the stock indexes but further short term weakness may follow this week.……continue reading by clicking here