Gold
	S&P &Futures (Click for latest)	Pre Market Futures (7:30)
		FTSE	+1
		TechMark	-2
		DAX	-20
Hang Seng -7	Nikkei -58	DOW	+6
		S&P	+0.4
		Nasdaq	-+3

 

News Headlines:    The Nasdaq sank with disappointment on Cisco's quarterly earnings, while the Dow managed to cling to gains with positive comments from several analysts helping lift financials throughout the day. Barclays: Britain's third-biggest bank says first-half pre-tax profit rose 12 percent, beating analysts' expectations. Profit for the six months increased to 1.96 billion pounds against 1.78 billion market expectations.Reed Elsevier says its pre-tax profit for the six months to June 30 climbed 2.5 percent, despite a decline in turnover due to the weakness of the U.S. dollar. Its profit was 408 million pounds. Turnover fell to 2.345 billion pounds from 2.467 billion pounds in the year-earlier period.. EasyJet says it carried 1.9 million passengers in July, up 74.9 percent from the same month in 2002.The airline said its load factor, or the number of passengers carried as a proportion of available seats, was 85.6 percent in July, down from 87.9 percent in the year before. Millennium & Copthorne Hotels has posted a first-half pre-tax loss and says its market remains challenging but it expects to return to profit in the second half of the year. The firm, which runs over 90 upmarket hotels across the world, posted a pre-tax loss of 6.3 million pounds in the six months to end-June, against a profit of 25.6 million in the same period last year. GKN H1 profit dips, but beats forecasts Calendar All GMT United Kingdom (F)inals (I)nterim United States (Click Flag) Europe & World Thu 7th Barclays (I) PBT 1,750m exp.GKN (I) PBT 124m exp.Reed Elsevier (I) PBT 423m exp. Signet Q2, Greggs (I), London Bridge Software (I), Millennium & Copthorne (I), Old Mutual (I), Senior Plc (I), WembleyPlc (I) EasyJet July Traffic Figures 00.01 July BRC Shop Price Index 09.30 June New Construction Orders 12.00 BOE Rate Announcement Barr Laboratories (Q2) 13.30  Q2 Preliminary Non-Farm Productivity 2.2% exp.13.30  Initial Jobless Claims (w/e 02/08) 394k exp. 15.00  June Wholesale Inventories flat exp. 20.00  June Consumer Credit $6.9bn exp. ABN Amro (Q2), BASF (Q2) BMW (Q2) 07.00  July Final German CPI m/m 11.00  June Preliminary German Industrial Prod Good Trading!   David@FTSEDOW.com    www.FTSEDOW.com            Pivot Calculator

THU FTSE PP

R2 4154.8
R1 4112.6
PP 4078.7
S1 4036.5
S2 4002.6

Close below Wed s2 and on weekly s1 after gaining 2.4 pts in the auction, now in the FIB trading range of 4054/4085, uptrend broken ftm, needs to regain 4100 at least imho! Dj below pp at our close, will no doubt rally (cynic) now!

Updated 8/6 for Thursday's market.
Key DOW Levels for 8/7
UP Above 9,150
DN Below 9,000

9,000 Holds
Dow holds at key 9,000 level.

From prior commentary, "...The break of this major line may be the beginning of a larger retracement for this index, especially if the Dow breaks below 9,000 tomorrow... We have seen the Dow fake a break from the current wide trading range in the past, therefore, we could see a move higher back into the range tomorrow..."
The Dow pushed slightly lower this morning and traded right to the key 9,000 level, seen in the 15 Minute Chart. However, it is at this level that the Dow had a sharp reversal to the upside that pushed the index into positive territory by day's end.

Looking at the Daily Chart, you see that the index continues to hold near the lows of the wide trading range that has formed from about 9,000 to 9,350. The fact that the Dow broke the major lower trend line still indicates weakness, but the index must break below 9,000 if a follow-through is to occur.

Otherwise, an upside break through the upper trend line at 9,150, seen in the 15 Minute Chart, will likely spark a move back within the wide trading range.

Short Term Dow

Short term, the Dow has formed a clear trend line above the highs of the late-day sell-off, seen in the 1 Minute Chart. An upside break through the line at 9,070 will indicate strength at the Open. Otherwise, look for further weakness below the line.

Medium Term Dow

In the medium term, we barely triggered Shorts this morning at 9,000, which resulted in a 10 point loss. No other trades were entered. We are out of the market and will once again watch 9,000 down, and 9,150 up, with 10 point stops.

NASDAQ & S&P

The NASDAQ continued lower after getting a downside break from the major channel yesterday. The S&P mirrored the Dow, as the index edged slightly higher on the session. The S&P is now right at a major support level, which we will watch tomorrow. *

Summary

The Dow held strong at 9,000 today, which kept the index near the bottom of the wide trading range, seen in the Daily Chart. A downside break through 9,000 will indicate another push lower, while a break above 9,150 will likely fuel a move higher.

Thanks TP
Morning all ...

Morning all.

Morning all

FRI FTSE PP

R2 4119.5
R1 4107.5
PP 4083.6
S1 4071.6
S2 4047.7

Close above Thu pp after gaining 1.7pts in the auction, close still below the weekly pp! Back into the FIB trading range of 4085/4117 for now, still not regained the ftse uptrend channel at 4115. Dj at our close was above its pp which is more bullish, s & p held 960, 3.30 bounce has been a grind, may struggle at 9120 (there now roughly), close above 9150 bullish!

Wonder how BARC price will go tomorrow?