Gold
	S&P &Futures (Click for latest)	Pre Market Futures (7:30)
		FTSE	-5
		TechMark	-1
		DAX	-7
Hang Seng -13	Nikkei -201	DOW	-17
		S&P	-2.3
		Nasdaq	-2

 

News Headlines:    US investors sold stocks Tuesday, after a sharp drop in consumer confidence cast doubts on the rate of economic recovery. A late-morning rumour that Iraqi leader Saddam Hussein had been captured temporarily lifted the market, Talks to end the British Airways trade union dispute have adjourned with the prospect of an imminent settlement George Wimpey has reported a 42 percent jump in half-year profits and says it is well positioned to achieve full-year results at the top end of expectations. They increased its interim dividend payout by 19 percent to 3.8 pence per share as it adopted a strategy aimed at boosting dividend growth. Unilever has reported  first-half net profit to 1.265 billion euros below the consensus expectation for the net profit of 1.36 billion euros but has maintained its earnings target for the full year. Sales of the top 400 brands were up 3.1 percent bit overall a 14% decline in proft. Abbey National has said it lost 144 million pounds in the first half of the year before tax, compared with profit of 412 million in the first half of 2002.The firm's personal financial services unit made a profit of 588 million pounds, down from 663 million, and the bank said it plans to pay an interim dividend of 8.33 pence. Figures much worse than Analyst ForecastsFriends Provident Life assurer has reported a first-half pre-tax operating profit of 135 million pounds. The figure is down from the same period in 2002, when it made 161 million pounds, but slightly higher than analysts' forecasts of 108-132 million pounds. Bookham worryingly extends its run of losing money to 3 years in a row. Calendar All GMT United Kingdom (F)inals (I)nterim United States (Click Flag) Europe & World Wed 30th         Abbey National (I)  102m exp, Alliance Unichem (I)  90.1m exp. Unilever (Q2)  925m exp,  TDG (I),  Arc International (Q2), Ashanti GoldFields (Q2),  Bookham Technology (Q2), Croda International (I),  Friends Provident (I), Homestyle Group (F), RAC (I), mmO2 (AGM),  Severn Trent (AGM), United Utilities (AGM), V odafone (AGM), AWG (AGM), British Energy (AGM) 10.30 July Gfk Consumer Confidence 1.0 exp. Europe: 11.00 June CBI Distributive Trades 19.00 Fed Beige Book Credit Lyonnais (I), Hugo Boss (Q2) Associated British Foods (4.75), Burndene Investments (1.25), Cranswick (8), Domino Printing (1.66), Gen(5.5), GlaxoSmithKline (9), Greene King (21.3), ICAP (23), RPC (4.25), Reuters (3.85), Scottish Power (4.75), Speedy Hire (5.7), Warner Estates (8.25), Whitehead Mann (2.5) Good Trading!   David@FTSEDOW.com    www.FTSEDOW.com            Pivot Calculator

WED FTSE PP

R2 4181.5
R1 4159.2
PP 4142.1
S1 4119.8
S2 4102.7

Gained 2.9 in the auction to close below Tue PP but above the weekly PP, still strading in the 4161 (78.6) and 4117 (61.8) FIB trading ranges, Dj at our close was below S2 so not too much pos downside this evening IMHO!

Updated 7/29 for Wednesday's market.
Key DOW Levels for 7/30
UP Above 9,315
DN Below 9,225

Volatile Session
Dow breaks consolidation to downside, trades in volatile fashion throughout session.

From prior commentary, "...An upside break typically occurs when a consolidation has formed at the highs... However, a downside break from the consolidation will be just as 'potent' as an upside break. In fact, the consolidation is forming a rectangular pattern, which is one of the most powerful patterns to trade on breaks - in either direction..."
The Dow got the downside break from the tight consolidation this morning and moved solidly lower thereafter, as seen in the 15 Minute Chart. However, the downside move was short-lived, as the index turned up off the lows to race back within the consolidation boundaries, before finally ending the day lower, ending a volatility-filled session.

The index has now formed a range from 9,170 to 9,305, seen in the 15 Minute Chart, which we will watch closely tomorrow. A downside break from the range will cause a likely retest of the long term lower trend line that has continued to develop since March, seen in the Daily Chart. A downside break of the line at 9,125 will lead to immense weakness.

However, the index has continued to hold strong above the trend line, which implies that we will see continued upside movement above the lower line. An upside break through 9,305 will indicate further strength.

Short Term Dow

The Dow has formed a tight range from 9,195 to 9,223, seen in the 5 Minute Chart. Watch for a break from this range for direction tomorrow morning.

Medium Term Dow

In the medium term, we entered the market Short this morning at 9,225, but covered the position at the entry, thanks to the Breakeven Rule. No other trades were triggered and we are out of the market. Watch 9,190 down, and 9,305 up tomorrow, with 10 point stops.

NASDAQ & S&P

The NASDAQ and S&P each got their respective downside breaks today. However, steady downside moves did not result. The NASDAQ continues to hold below resistance, while the S&P continues to trade within its wide range. Watch the range boundaries tomorrow. *

Summary

The Dow got the downside break from the consolidation today, but did not follow-through to the downside. Rather, the index moved both higher and lower, effectively ending a volatile session near the afternoon lows. We are out of the market and will watch 9,190 down, and 9,305 up tomorrow.

Morning all, News posted

Brian, Could you post your Pivot data on the Investors room Traders Thread?
Thanks D.

whats the story with HVN croc?

Good morning all from a wet North Wales.

Thanks for pivots & Ed. PB.

DOW down 5 days. How long can this continue?

Good trading everyone.

Latestarter
Just the usual rumours ;-)
But it is rising!
Shame about the spread
D.

its tightly held, directors showed a lot of faith recently or was it a lucky purchase? eaglet seem to be around a few that eventually get taken out,and currently holding 30% so have ignored one of the golden rules i recently learned on a course near dudsville and bought some ;-)

After 2 years its approaching the magic number of 100,000 hits on www.ftsedow.com :-)
Bottle of champagne I reckon.

Morning all,from a dull Rochdale

Congratulations Croc! Been short this am ANL @526 (ouch) @540 closed @534+6 and again @538. Also short BAY.

Morning all not been on here before but will look in now, all the best to you all

This market doesn't trust the DOW. Gold and Futures says different.....anyone?

regards

Closed part ANL @520 +18

well done Skinny! I got 9 :-)

Croc - got stopped on remainder @517.5 +8.5 and am now short again @518.25

Out ukx @35....-10 :-(

regards

Stopped ANL -5

BDEV not falling back yet in line with Wimpey but take care ..

The Nasdaq is testing the lower edge of its big resistance: 1722-1758. Inside this layer of resistance is a focus of resistance at 1737-1753. This is strong resistance. In Tuesday's session, the Nasdaq printed an intraday high of 1744.60.

The Nasdaq has immediate support at 1720-1707 with a focus of support at 1715.781-1710. Additional supports are 1703.62-1695.20, then 1687.94-1675.18.

The S&P 500 is testing its big resistance at 988-1015.41. Its focuses of resistance are 993-1000, 1005-1008, and 1010-1015.

Immediate intraday support for the S&P 500 is 991-984.85. The S&P 500 has an important layer of support at 988-974,970-964,949-912.