Gold
	S&P &Futures (Click for latest)	Pre Market Futures (7:30)
		FTSE	+5
		TechMark	-2
		DAX	+9
Hang Seng +23	Nikkei +61	DOW	-10
		S&P	-1
		Nasdaq	-1

 

News Headlines:    The Dow & S&P rose steadily while the Nasdaq just failed to finish in positive territory. Traders said they expect the market to trade sideways for the remainder of the summer, without any unexpected surprise economic report to cause excitement. Anglo American mining reported a forecast beating two percent rise in half year profits but said the outlook for its key businesses remained challenging. Net profit rose to $856 million for the six months ended June 30 from $840 million last year. Analysts' forecasts ranged from $800 to $830 million. Anglo declared an interim dividend of 15 cents per share, unchanged from last year Bradford & Bingley said that first-half profit fell 1.9 percent because of a slump in transactions at its estate agent business and falling sales of investment products. For the six months it dropped to 132.4 million pounds from 135 million ahead of the expected profits of about 130 million pounds The bank proposed an interim dividend of 5.5 pence, up 12.2 percent on a year earlier. Calendar All GMT United Kingdom (F)inals (I)nterim United States (Click Flag) Europe & World Fri 8th Anglo American (I) PBT $814m exp.Bradford & Bingley (I) PBT 139m exp. Q2 Land registry House Price Report   Deutsche Boerse (Q2), Ericsson (Q2) 11.00  June OECD Leading Indicator Good Trading!   David@FTSEDOW.com    www.FTSEDOW.com            Pivot Calculator

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!

Updated 8/7 for Friday's market.
Key DOW Levels for 8/8
UP Above 9,150
DN Below 9,075

Slow Upmove
Dow continues higher off major support at 9,000.

From prior commentary, "...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..."
The Dow moved slowly, but steadily higher throughout the session to further extend the move off the key 9,000 support level, seen in the Daily Chart. The index did not break through the 9,150 level, but did climb a respectable 65 points.

The Daily Chart shows that the 9,000 level continues to hold steady for the second straight session. It is safe to say that the index will not get another solid move lower until this level is cleanly broken. If the index continues to hold above this level, look for another push higher within the wide trading range that has formed from 9,000 to 9,350. A break through 9,150 will likely spark such a move.

We are basically in a range market at the 9,000 level and are thus watching both sides of the range for breaks. Our entry levels for Friday are a bit tighter because we are close to the center of the range.

Short Term Dow

Short term, the Dow has formed a clear short term resistance level at 9,135, seen in the 5 Minute Chart. Watch this fulcrum for direction tomorrow morning.

Medium Term Dow

We are still out of the market in the medium term since none of our entry levels were triggered. We will continue to watch 9,150 up, and will now watch 9,075 down tomorrow, with 10 point stops. If you cannot watch the market during the day, wait for 9,000 to be crossed before entering Short.

NASDAQ & S&P

The NASDAQ traded strictly sideways today, while the S&P trended slightly higher on the session. Each index has formed a tight range to watch for tomorrow's market. *

Summary

The Dow continues to hold above the 9,000 support level and may continue higher within the wide trading range should a break through 9,150 occur. Watch 9,075 down, and 9,150 up tomorrow.

Thanks TP
Morning all

Morning all - tks Croc & TP.

goldmans up barc tgt to 6 from 545

Morning all

PB what is goldmans timescale please.?

D2-no timescale sorry!

tks - suppose it does not really matter as long as it gets there sometime - for my Long term share portfolio BUT I am short on my spreadbetting account and it is hurting atm.

D2-It may get there by 2010 but not whilst your short:)

Agreed - need to close my shorts first but can wait until 2010 ( noce divi's) only 7 years to go !!. btw my sb shorts are only a small fraction of my share longs - so not too concerned.

MARKETS CLOSE at 4.30

DJ 9152
S&P 975.6
NAS 1644

MONDAYS FTSE PP

R2 4199.8
R1 4173.8
PP 4134.7
S1 4108.7
S2 4069.6

Close above Fri r2 after gaining 3.5 pts in the auction, back into the 4117/4161 FIB trading range after testing the higher FIB level! Dj at our close was above its PP, possibility of stocks being held up into option exp later next week

WEEKLY FTSE PP

R2 4233.5
r1 4190.6
pp 4117.8 (FIB level)
s1 4074.9
s2 4002.1

Managed to close above this weeks weekly PP!

off to sunny spain for 2 weeks for some R+R :).

leaving SPX shorts open with same wide stop as nothing has changed through my eyes. hoping to come home to some short profits. :-O :->

GL all

Regards
Fred