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FTSE / DOW YTD

Morning!

In the US last night, the Dow finished down 108.75 at 17,840.62 the Nasdaq down 39.67 at 4,822.90 and the S&P 500 down 14.40 to 2,088.55.

In Asia today, the Nikkei was recently down 398.44 points at 15,270.48 - the Hang Seng down 353.36 at 20,397.36.

WTI crude oil traded at $46.60 a barrel and Brent at $47.96.

Gold settled at $1,356.40 an ounce.

Trade well and prosper!

The Papers

Good morning!

Guardian Stock Brokers

INDICES
FTSE 100

A declining pound continues to prop up the FTSE 100, with the index almost the sole gainer among major indices. 6500 continues to hold for the time being, with gains trapped by 6600. A break below the former level would head towards 6380, while if the rally recovers and moves above 6600 then the next target is 6760.


Dax

A sharp reversal yesterday dents the bullish outlook, but for now the price is holding above the key 9440 area. If this gives way then we could see a swift drop down towards 9200 and then below this the lows of February, 8875 and further down, would come into play. A bounce from here would need to break the high seen on Monday above 9800, which then opens the way to the 200-day SMA at 10,075.


S&P 500

A lower close today, perhaps below the 50-day SMA (2076), would likely set off fresh moves to the downside, with 2050 and then 2037 coming into play. Below this the next area to watch is 2000,the post-Brexit low. Any breakout needs to clear 2010 and then head past the June high of 2128.


FX
EURUSD bounce unlikely to last

EURUSD sold into the medium term trend yesterday, with the 50% retracement seemingly the end of the road for its resurgence. We are seeing another retracement higher this morning, which is expected to result in another leg lower. Given the lack of key swing highs from yesterday’s selloff, it makes sense to look for resistance at previous key levels, such as 1.1072 and 1.1097. The bearish view holds unless we see an hourly close above 1.1170. Support levels in view are 1.1036 and 1.1024.


GBPUSD selloff expected to continue

GBPUSD has continued its deterioration yesterday, with another leg lower, creating a new 31-year low. Price now has very few support levels of note to the downside and as such further losses are likely. Price has broken through trendline resistance and this could point towards a short term bounce. However, any gains are seen as selling opportunities, where a return to and below 1.2800 seems likely before long.


USDJPY weakness looks set to continue

USDJPY has finally broken lower following a period of consolidation last week. This morning is seeing a bounce, yet this is unlikely to last. As such, it is worth being bearish as long as price remains below 101.76. The next key support levels to note are 100.58, 100.00 and 99.00.


COMMODITIES
Gold

The rally goes on, with little sign of it stopping yet. $1390 is the next area to watch, followed by the August 2013 peak around $1440. Gold is pushing overbought levels for the first time since February, but for now dips should continue to be bought. It would now need a firm close below $1350 to suggest the bounce has run its course, and then the next area to watch becomes $1300.


WTI

Yesterday’s drop has taken WTI back to the key $46 area, so we could see a swift drop to the $42.60 area if it is broken. A bounce from here could challenge the $50 area, and then on to the June highs at $51.50. Buyers need to step up, if the February rally is not to come to an end.


Disclaimer

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