S&P Futures Nikkei -88 Hang Seng -105
7:30am Futures FTSE -10 Techmark -3 DAX +-10 Dow -7 S&P -1 Nasdaq -2.5
News Headlines: Compass Group The world's biggest catering firm said it would hit its financial targets for the year and was confident about the coming fiscal year, despite economic uncertainty. They said like-for-like turnover growth would be at least six percent in the year with like-for-like margins up 20-30 basis points. mmO2 reported strong customer and average revenue growth through the second quarter, but it expected revenue growth in its core UK market to slow in the second half. Europe's fifth-largest listed mobile phone operator also said it expected full-year capital expenditure to be between five and 10 percent below a previous forecast of 1.3 billion pounds Severn Trent said in a trading update that underlying pre-tax profit at its Biffa waste division was expected to be around four to eight percent ahead of the first half of last year, excluding the impact of any change to pension valuations. First-half profit at the group's services division was expected to be more than 20 percent higher than a year earlier. Thus telecoms said it was on course to meet forecasts for turnover and earnings growth in its year ending in March after a strong first-half performance. They also said it was confident of achieving its target for sustainable positive cash flow after interest and capital expenditure in the fourth quarter of the current financial year. Wolverhampton & Dudley Breweries said that trading for its 51 week period to September 20 was in line with its own expectations. The group which also runs over 1,600 pubs said that good summer weather contributed to satisfactory trading in its second half, but warned of continued pressure from rising employee and regulatory costs.   United Kingdom Calendar (F)inals (I)nterim    United States  (GMT)   Europe & World (GMT) Mon 29th Sep Reporting Company Updates Financial Data Close Brothers (F) PBT 82m exp, Alexon Group (I), Hardy Underwriting (I), Personal Group (I), White Young Green (F) Compass Group Trading Statement, HMV Trading Statement mmO2 Trading Statement, SABMiller Trading Statement Scottish Radio Trading Statement, Severn Trent Pre-Close Statement Biocompatibles (BII). Return of Capital and Consolidation Ex Date. Terms are 25p per share and 11 New Shares for every 13 Ordinary Shares held 00.01 September CBI Pay Settlements, 09.30 August Final M4 Money Supply y/y 09.30 August Net consumer Credit 1.7bn exp, 09.30 September Preliminary M0 Money Supply y/y 7.6% exp. 09.30 2nd Quarter Business Investment q/q, 10.30 September Gfk Consumer Confidence 2.0 exp. 13.30 August Personal Income 0.3% exp. 13.30 August Personal Spending 0.8% exp. 07.00 October German Gfk Consumer Confidence Good Trading!      david@FTSEDOW.com     www.FTSEDOW.com Pivot Calculator

morning!
Updated 9/26 for Monday's market.
Key DOW Levels for 9/29
UP Above 9,375
DN Below 9,300

Consolidating
Dow forms tight consolidation at lows.

From prior commentary, "...The formation of a continuation pattern beneath the break point of the trend line indicates that further weakness is likely in the medium term..."
The Dow traded sideways within a very tight range throughout the session today, forming a clear consolidation at the lows of the 15 Minute Chart.

The consolidation implies that further downside movement is likely, since the formation has formed at the lows of the current move. A downside break from the consolidation at 9,300 will likely spark another downmove within the current downtrend.

The consolidation is "rectangular", so an upside break from the consolidation is also possible and could be just as powerful as a downside break. Also, an upside break from the consolidation will cause a break of the upper trend line that has formed across the highs of the current downmove, seen in the15 Minute Chart. Such a break could spark a strong reaction rally within the current downtrend.

Short Term Dow

Short term, the Dow has formed a tight consolidation at the lows of the 5 Minute Chart from 9,300 to 9,360. We will watch for a break from this range to gauge strength Monday morning.

Medium Term Dow

In the medium term, we are still Short the Dow from 9,510 and will move our stops down to 9,375 for Monday's market. We will stay Short below 9,300 and will look for Longs above 9,375, with 10 point stops.

NASDAQ & S&P

The NASDAQ trended slightly lower today, while the S&P formed a tight consolidation at the lows. Each continues lower beneath clear upper trend lines, which we will monitor closely Monday. *

Summary

The Dow traded strictly sideways throughout the session today, forming a tight consolidation at the lows of the 15 Minute Chart. Watch for a break from the consolidation to indicate direction Monday. We are still Short the index from 9,510, with stops at 9,375.


MON FTSE PP

R2 4224.3
R1 4190.7
PP 4168.5
S1 4134.9
S2 4112.7

WEEKLY PP

R2 4308.1
R1 4232.6
PP 4189.5
S1 4114
S2 4070.9

Fri close was below S1, only gained 0.4 pts in the auction, close was alos below weekly s2 after a heafty profit taking week, was surprised to see a close below 4161 and due to the bearish week r1 tgt not hit! For next week I,m looking for a few days of strength up to weekly R1 of 4232 and on any continued falls do not expect to see 4100 breached, ftse still below sig line on 60 min chart at 4224 and Lt sig line at 4235! Dj could really do with breaking up through 9350 (61.8% fib retracement level)as I write. IMHO

Morning all from a sunny France.
Thanks TP

this stocks creeping up slowly! What sort of price does anyone think it will get to?? and is it worth hanging on in for the morrissons take over??

Has anyone got any thoughts about the likely movements of the stock once Morrisons finally get on board?? The recent upturn in price surely confirms they got a good price for Safeway?