This week’s financial spread betting update is now available and can be read by clicking here. The weekly update is to bring you up to speed on what has been happening in the markets over the past week as well as what to look out for in the coming week so that you can plan your spread betting strategies accordingly.

During the past week we saw continued weakness for the US dollar and an overall rise for the stock markets. The S&P 500 stayed below the key resistance level of 1129 but will likely test that level this week and possibly as early as today as the futures are opening higher at the time of writing this on Monday morning. European stocks indexes, in particular the German Dax, have continued to rise, and the Dax has reached its highest level in almost 2 years.

The best trending markets continue to come from the interest rate futures sector and all of the markets in this sector remain in a long term uptrend.

The biggest moves of the week came from the grains sector and we saw some limit moves from Wheat as well as higher prices virtually across the board from the grains markets.

This week’s financial spread betting update begins with:

The past week has seen US stocks continue to move higher but still remain within the overall lateral trading range. Last week’s US jobs figure sent the markets tumbling at the US open on Friday but then show a strong recovery. We may see a breakout for stocks this coming week..….continue reading by clicking here

Good trading

Phil Seaton

PS. You can sign up for a risk free trial of our proprietary financial spread betting system by clicking here. The system comes with a 30 day no questions asked money back guarantee and covers each of the stock, commodity and forex markets discussed above.

Our last post of spread betting strategies focused on Gold and the S&P 500 and we’re going to continue with those two markets today.

Beginning with Gold, we last said that we had a bull harami pattern, which was indicating that the bears were running out of steam. We also said that there was support around the $1150 area and that the markets was still above the 200 day moving average.

The bull harami pattern has so far proven to be the short term bottom and we have now had 5 successive up days in the December Gold contract. Yesterday the market pierced the $1200 level intra day, reaching a high of $1205.5 but was unable to close above that psychological number and pulled back to $1195.9 on a close. We need to see a close above $1200 in this market soon otherwise we may see a pullback to the bottom of the bull harami pattern.

The long term trend is still up for gold but a break above $1220 resistance will be required before entering longs. For now only spread betting strategies from the long side should be considered as the long term trend is up. I would not consider shorting this market yet for that reason and would need further downside confirmation to change that point of view.

On to the S&P 500 September contract. The S&P 500 has so far not pierced the resistance levels seen on the 21^st June, although it is very close to doing so. The Dow and FTSE have both already cleared that resistance level. At the time of writing this morning the September contract is at 1125 so it is very likely that we will get a test of resistance today. Since the resistance at 1129 is major (it has held since 18^th May) a breakthrough may provide the impetus for a move higher towards 1170.

Even if the S&P 500 does clear this level the long term trend is down, so I won’t be taking this breakout if it does come as it is counter to the long term trend.

Until next time, good trading

Phil Seaton

PS. You can find out more about our financial spread betting systems and spread betting strategies by clicking here.

Welcome to my new financial spread betting blog .This blog is all about financial spread betting and the spread betting strategies and beliefs that I have discovered over the past decade or so that lead to financial success in the markets.

There are many different styles, methods and systems that traders use in spread betting the markets and my aim on this site is to explain the benefits and pitfalls of many of these methods. There is so much conflicting information and what I would call misinformation in the marketplace on what is required to be a successful trader so my aim is to help you navigate this path successfully and avoid any unnecessary and unprofitable detours!

Over the weeks and months ahead I will post my thoughts on the financial markets and what I think may be on the horizon. It is important at this point to state my belief that the future cannot be predicted as there are simply too many variables and unknowns and the fact that as of now the future does not exist, but by looking at market trends in the markets and certain support and resistance points on the charts, a trader can get a good idea of what may be ahead.

Over the years I have read a vast amount of books that are available on the markets and have specifically made a point of studying successful traders and in doing so look for common denominators that enable these superior trades to step ahead of the crowd and achieve consistent returns in the markets.

Backed with all this information I have vigorously researched and tested virtually every trading system and or indicator and have found what is reliable and what is bogus. I have coded hundreds of different systems and rules and run literally hundreds of thousands of backtests over a long period of market data.

My aim when I started this was to approach the markets with a blank canvas and not take anything on hearsay, but to test it out and find out through experience what works and what does not work. This has enabled me to create an extremely powerful spread betting system which I myself have traded for several years.

I hope you enjoy and benefit from my articles on this blog site and please feel free to leave any comments or ask any questions.

Good luck in your trading

Phil Seaton

PS. Find out more about my financial spread betting system and spread betting strategies here