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FTSE / DOW YTD

Morning!

In the US last night, the Dow finished down 37.39 at 18,495.66 the Nasdaq down 20.90 at 5,204.58 and the S&P 500 down 6.25 at 2,175.49.

In Asia, the Nikkei was recently down 29.85 points at 16,735.12 - the Hang Seng up 90.55 at 22,582.98.

WTI crude oil traded at $41.71 a barrel and Brent at $44.05.

Gold settled at $1,344.30 an ounce.

Trade well and prosper!

The Papers

Ex-divs to take 37 points off FTSE 100 on Aug. 11

Good morning!

Guardian Stock Brokers

INDICES
FTSE 100

The market continues to frustrate shorts, showing no real inclination to head lower, despite an absence of real news. Any strong move lower could find support at 6600, while below this we look towards 6460. A rally into the new week may well head further in the direction of 7000, with some intermediate resistance around 6895.

DAX

Having seen the sharp breakout two days ago we are perhaps now witnessing a consolidation. Nonetheless, so far there is no sign of bearish momentum. If it does move lower 10,500 becomes the next area to watch out for. Having broken the descending trendline this week it would not be surprising to see the index test the line from above, perhaps around 10,350. The next area to watch on the upside would be 10,900.


S&P 500

US markets have lost momentum recently, with a drift lower the last few days more a function of the lack of newsflow. A further move lower could find support around 2150 and then on to 2123. A breakout above 2190, the highs of the week, would put the index firmly back on an upward trajectory.


FX
GBPUSD

It hasn’t exactly been a great week for shorts, but the ‘sell the rally’ approach still has merit. Continued weakness could see a move to the July lows of $1.28, and even a sustained rally would provide an attractive moment for fresh short positions. Upside is likely to be contained in the short-term by the $1.34 level.


EURUSD

Weakness this morning around $1.12 reflects skittishness around yesterday’s highs, but it has yet to turn into something more concrete. The pair could be about to give up the post-January uptrend, but for now dips should still be bought. It would take sustained price action below $1.10 to really indicate that a new trend was in place.


AUDUSD

The rally enjoyed a good session yesterday, although it finished off the highs. Nonetheless, until the price moves back below $0.7650 shorts should be careful. The upside target remains the mid-May high around $0.7840.


COMMODITIES
Gold

The bounce has stalled below $1350, perhaps indicating that more weakness lies ahead. As a result we may see a move to $1305, but a more substantial dip could head towards $1250 or even $1200. Nonetheless, the trend in gold is still upwards, so a large-scale selloff could be welcomed. Any bounce would still head towards the $1350 area, where gains stalled in July.


WTI

Inventory figures yesterday dealt a blow to those expecting a new bounce for oil prices, so now we look to see if the lows of last week at $39.25. A move through here would put $35 in focus. Meanwhile, any rally back above $42.60 would clear the way back to $45.


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