This week’s financial spread betting update is now available and can be read by clicking here.
Stocks have begun the week very much on the back foot and at the time of writing, the FTSE 100 is already down 1.51% for the day. The Dax is also taking a battering and U.S. futures are indicating a sharply lower open. If, and it looks likely, that U.S markets do open down, the Nasdaq 100 will go below the 50 day moving average, putting all the stock indexes that we trade at LS Trader below their 50 day MAs. The short-term trend is down for the world’s stock indexes, but due to the extent of the prior rally and as covered in more detail in this week’s update, the long-term trend is still up.
As is pretty much always the case, we are seeing the opposite move from the dollar to stocks, with the dollar gaining against all the majors with the exception of the Japanese Yen, a safe haven currency. The dollar gains are pushing commodities lower, even the best performing commodity of the year, Soybean meal, is pointing lower. Gold is also lower by just over $10 at present and may well be heading for the recent lows and key short-term support at $1613. Should it break that level of support there is almost $100 before the next major support level.
This week’s financial spread betting update begins with:
The past week has seen stocks move slightly higher with the exception of the Nasdaq 100, which is still the only index to remain above the 50 day moving average.
The dollar reversed upon reaching key support and resistance areas and has therefore moved back to within the recent range against most of the majors with only a couple of exceptions..……continue reading by clicking here