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U.S. stocks tumbled again on worries about interest rates, the worsening Iraq situation and the morning's first-quarter GDP report which showed the economy grew at a 4.2 percent annual rate short of the 5 percent rate economists had expected. WPP advertising said revenues for the three months to March 31 climbed over 12 percent, with North America up almost 11 percent, the UK up almost 12 percent, Continental Europe up more than seven percent, and Asia Pacific, Latin America, Africa and the Middle East up more than 28 percent. Pearson media said it was trading in line with its expectations and gave a bright outlook with trading prospects at their best for three years. SIG distributor of insulation products said like-for-like sales were ahead in its three regions in 2004, and it saw some growth through acquisition during the year.

	Calendar:  United Kingdom		United States (GMT)		Europe & World (GMT)
Pubs 'N' Bars (F), Genetix (AGM), Irish Continental Uts (AGM), Johnston Press (AGM), Pearson (AGM & Trading), Portman (AGM), TF & JH Braime (AGM), WPP (Trading)		Procter & Gamble, ChevronTexaco, Avon Products, CIGNA, Biogen 13:30 Personal Income (0.4%), Spending (0.7%) 15:45pm Mich Sentiment-Rev. (94) 15:00 Chicago PMI (60.3)		Volkswagen, Metro, Alcatel, Vallourec, Metropole Television, Equant NV

Data Download	FTSE Intraday	Calendar	US Zone	HTML Edit	Currency Calc	Dividends	Director Dealings	Broker Upgrades / Tips
David@SnappyTrader.com   www.SnappyTrader.com			Pre Market Futures	FTSE -14	DAX -38	DOW -1	S&P Unch	Nasdaq -1

FRI FTSE PP

R2 4565
R1 4542
PP 4518
S1 4496
S2 4472

Ftse close under its pp after loosing 6.5pts in the auction, clearly dow has fallen away tonight, just bounced off 10220, 2 day chart targeting S2 on cont weakness imho!





Updated 4/29 for Friday's market.
Key DOW Levels for 4/30
UP Above 10,400
DN Below 10,200

Continuation
Dow reverses off 10,400, trades solidly lower to the Close.

From prior commentary, "...The Daily Chart shows the Dow has pulled back into the wide, sloping trading range. Look for the index to continue trending lower toward the lower boundary of the range at around 10,200..."
The Dow traded in quite a volatile fashion today, as the index opened the session lower, but immediately reversed off the lows to rally sharply to the highs of the day. The Dow then reversed sharply off 10,400 and proceeded to push solidly lower throughout the remainder of the day. The Dow ended the day lower just 70 points, but had a daily trading range of almost 200 points, which clues us in to the volatility.

The index nearly reached the lower boundary of the wide range at 10,200 today, which is where we would expect to begin to see strength. The index did reverse sharply higher of 10,220 late in the day, which could be the beginning of a likely reaction rally off the lower boundary of the range. However, true strength will not enter the market unless 10,400 is crossed to the upside.

Otherwise, a break below 10,200 and through 10,175 will indicate another sharp decline. Be aware that we could see sideways movement at the lows above the lower trend line before another sharp move is seen. Watch for such a pattern to develop tomorrow, possibly setting the day up for quiet trading.

Short Term Dow

Short term, the Dow ended the day just below a clear short term resistance level at 10,287, seen in the 1 Minute Chart. Look for weakness below this level unless an upside break occurs.

Medium Term Dow

In the medium term, we covered Shorts this morning at 10,347, giving us a breakeven trade. We later entered Longs at 10,400, but stopped out for a 20 point loss. We later entered Shorts at 10,320, but also stopped out. A Short re-entry at 10,296 triggered and we are still in the trade, with stops at the entry. We will remain Short below 10,200, and will hold off on Longs, unless 10,400 is crossed to the upside; using 20 point stops.

NASDAQ & S&P

The NASDAQ and S&P continued sharply lower today, after selling off the morning highs. The indexes may have reached cycle lows within their respective ranges, which hints at a possible reaction rally tomorrow. *

Summary

The Dow continued sharply lower today, after breaking the clear lower trend line during yesterday's market. The day's steady decline netted a loss of 70 points and could now be gearing up for a reaction rally tomorrow. Watch the lower boundary of the range at 10,200, as a break or bounce here could lead to direction.

morning all.

Morning from a very rainy Northern France

Morning all from an overcast North Wales.

Morning from a wet Scotland>

Morning all

ditto

Long SBRY & STAN

What can I say!

You might like to know it is raining non-stop in Spain
rgds aj

Buy TAD...BIG NEWS COMING...TELCO ETC.

LW - is that a good sign then?

Anstey - are you ramping TAD?

- RH - It's "I wish I'd taken out a CFD Long on GSK firt thing this morning! There are 2 bullish engulfing candles - One yesterday when it turned and a 2nd one when it took off this morning. (There was a bearing engulfing candle first thing Wednesday showing the overall down trend, until the first bullish engulfing candle hit!)

I'm not an expert at charts, so may not have the 100% terminology correct! But my understanding is, that until we see a bearish engulfing candle (which could be any moment, signifying a change in the trend) the trend is up.

My sentiments exactly LW. Glad I closed my short but frustrated at not turning it round into a long. Gone up 60 points since I closed!!!

Footsie Fooked

Little woman - please have the courtesy to use my full name, not my initials, when addressing me.

whats this bearing engulfing all about then?

Traders Thread gone quiet
opto

typing quickly as I'm trying to trade, keep track of whats going on, and do some work at the same time.

I mean't bearish engulfing and bullish engulfing. It was explained on a traders day by the chartist David Jones as one of the many ways that a chart can be read, to get an indication of what may happen next or what the trend could be.

LW could be usefull, I tend to use MACD as an indicator as to change of trend, not infallible and I dont always adhere by it but it is often a good guide.
opto

Rudolph_Hucker - are you for real?

optomistic, I don't actually know what MACD is, my knowlegde of charts consisted of engulfing candle & head & shoulders. :-)

LW Moving average convergance divergance. Excellant coverage of subject available at www.stockcharts.com Well worth the couple of days it took me to digest it all.