Gold
	S&P &Futures (Click for latest)	Pre Market Futures (7:30)
		FTSE	-2
		TechMark	-3
		DAX	-5
Hang Seng +121	Nikkei +70	DOW	+14
		S&P	+1.3
		Nasdaq	+5

 

News Headlines:    U.S. Hewlett-Packard's worse-than-expected earnings depressed the Dow throughout the session, while the Nasdaq managed to recover from a bout of profit taking in the morning and finish nearly unchanged. U.K: shares are expected to open supported by positive U.S. futures, while UK retail sales data, due at 0830 GMT, may provide direction to consumer-facing stocks. Europe: Very strong upgrades to overweight by Lemans for the chip sector.Cattles: consumer-lending and debt-collection, said that first-half profit rose 30 percent to 49.2 million pounds from 37.9 million a year earlier, beating analysts' expectations of 46.2 million pounds. Alfred McAlpine said on Thursday it had won a highway maintenance contract from Suffolk County Council, worth an initial 85 million pounds Rexam: Amcor the world's largest plastic packaging maker, agreed to spend $331 million to buy the healthcare flexible packaging arm of Rexam BAE Systems: India will decide within two weeks whether to buy the Hawk advanced air force trainer jets, the Financial Times newspaper said today.Severn Trent: Moody's downgraded the long-term and the short-term ratings after the market had closed on Wednesday Vodaphone, MM02: Hutchison Whampoa 0013.HK reports first-half earnings and investors will be watching to see if its new 3G mobile phone services in Europe are showing signs of success.BP, Shell: crude futures extended gains reflecting a fresh decline in U.S. crude stocks. Hiscox insurer said first-half results would meet market expectations despite raising its reserves to cover the loss from the September 2001 attacks on the U.S. World Trade Centre. Calendar All GMT United Kingdom (F)inals (I)nterim United States (Click Flag) Europe & World Thu 21st Cattles (I), Weir Group (I), Keller (I) 09.30 July Retail Sales m/m 0.4% exp. 09.30 Q2 Business Investment q/q 11.00 July CBI Industrial Trends Electronics Boutique (Q2) 13.30 Initial Jobless Claims (w/e 16/08) 395k exp. 15.00 July Leading Indicators 0.4% exp. 17.00 August Philly Fed 10.0 exp. 07.00 Q2 German Revised GDP q/q Good Trading!   David@FTSEDOW.com    www.FTSEDOW.com            Pivot Calculator

THU FTSE PP

r2 4280.6
r2 4249
pp 4222.7
s1 4191.1
s2 4164.8

Wed close not very bullish below s2, gained only 0.6 in the auction, close was virtually on June 18th high where recent FIB levels were taken from, Sup/res here around 4218! Dj at oour close just below its pp, selling the rallies becoming stronger, rise still not over yet though.


Updated 8/20 for Thursday's market.
Key DOW Levels for 8/21
UP Above 9,450
DN Below 9,350

Diamond?
Dow trades sideways, forms large consolidation at highs.

From prior commentary, "...The index was able to hold above resistance today. So, we should expect a continuation to the upside in the medium term...watch 9,450 up, and 9,350 down..."
The Dow traded sideways throughout the session today within the 9,350 to 9,450 range and continues to hold above the major 9,360 resistance level, as seen in the Daily and 60 Minute Charts.

Looking at the 15 Minute Chart, you see that the index has formed a large consolidation at the highs of the current two-week uptrend. The fact that the this pattern has formed at the highs would normally be indicative of an upside break. However, the consolidation appears to be forming a "diamond," which is a bearish pattern. A break either way from this pattern will likely spark a significant move. Watch for a downside break at 9,350 or an upside break at 9,450 tomorrow.

We would also like to note that the index continues to trend higher within the clear channel, seen in the 60 Minute Charts. A downside break from the diamond would also indicate a break from the channel, thus ushering in the likelihood of a sharp decline.

Short Term Dow

Short term, the Dow ended the day within the boundaries of a tight range from 9,380 to 9,420, seen in the 5 Minute Chart. Watch for a break from this range for short term direction tomorrow morning.

Medium Term Dow

None of our entry levels were triggered today, so we are still out of the market. We will continue to watch 9,450 up, and 9,350 down tomorrow; using 10 point stops.

NASDAQ & S&P

The NASDAQ continues to trend higher, while the S&P continues to trend sideways within a large range. Watch the range boundaries for a break tomorrow. *

Summary

The Dow traded sideways throughout the session today, and has now formed a large consolidation in the form of a diamond. This typically implies a downside break, but a break either way will likely be lucrative. Watch 9,450 up, and 9,350 down tomorrow.

Thanks TP
Morning all, news posted

Morning all,

Not trading today, I have to work (:

Morning all - Thanks Croc & TP.

Trading Lloyds & Barc HSBC & HBOS as 2 pairs trades

I'm short BARC as well Croc. Can't stay up at these levels - or can it. !!!

FRIDAY FTSE PP

R2 4263.5
R1 4243.5
PP 4230.4
s1 4210.4
s2 4197.3

Lost 2.7pts in the auction to close just above Thu pp, failure at the top of the uptrend channel at 4250 level to watch! Dow jones at our close was just above its pp, S&p currently trading below the magical 1004 atm limiting the upside, still some left imho even with dj at present still in short mode by my indicators!

PB - I hope that your indicators are right as I am holding several short positions out of profit and 1 long position in profit ( stop in place). May be some selling tomorrow before the long weekend and people will not want open positions in FTSE stocks with US open for trading on Monday.

Druid-Quiet day tomorrow no doubt, feel the Us will run up tomorrow and Monday leaving us to chase it, high within the next two weeks or so, all very painful atm!