S&P Futures Nikkei +142 Hang Seng +88
7:30am Futures FTSE +10 Techmark +4 DAX +10 Dow +24 S&P +3.9 Nasdaq +6
News Headlines: U.S. stocks pulled back from their worst levels of the session following a pair of weak economic reports and an earnings warning from Sun Microsystems. MyTravel Group says it will take an 86 million pounds charge for the disposal of its loss-making business in Germany and its smaller business in Poland. News will be posted at 7:35am De Vere Group Hotels said total turnover rose 6.1 percent last year, with performance at its village hotels and leisure clubs outpacing its hotels business. Turnover during the 52 weeks to September 28 rose three percent and 11.8 percent in its Village hotels and leisure clubs Aggregate Industries building materials said that one of its U.S. subsidiaries had been served with a suspension notice, barring it temporarily from new federal contracts. This arose from the indictment last year of two employees in connection with alleged price-fixing on tenders for the supply of stone between 1998 and 2002. British Energy: A government deadline for a deal between financially stricken nuclear power firm and its creditors on a restructuring plan lapsed on Wednesday without authorities being notified of any agreement. (BGY) RMC may have sold its German unit.   United Kingdom Calendar (F)inals (I)nterim    United States  (GMT)   Europe & World (GMT) Wed 1st Oct De Vere Trading Statement, THTrading Statement 09.30 September CIPS Manufacturing PMI 52.0 exp. 15.00 August Construction Spending m/m 0.4% exp. 15.00 September Manufacturing ISM 54.9 exp. 10.00 August German Retail Sales m/m 0.5% exp. 08.55 September German Manufacturing PMI 09.00 September Manufacturing PMI 49.7 exp. Ex Dividend: AG Barr (8.5), Amersham (2.85), Amstrad (2.2),Barratt Developments (12.32), BPP (4.4), Capital & Regional (4), Chaucer Holdings (0.65), Daejan Holdings (33), Development Securities (1.8), FKI (0.3),  First Choice Holidays (1.6), Henry Boot (4), Hiscox (1.3), Huntleigh Technology (2.7), James Beattie (3.5), James Fisher (2.47), JKX Oil & Gas (0.25), Johnson Service (4), Keller Group (3.45), Kidde (0.89), Kier Group (11.2), MFI Furniture (1.8), Mersey Docks & Harbour (7.1), Metalrax Group (1.65), Ottakars (2), PZ Cussons (21.5), Paladin Resources (0.525), RPS Group (0.88), Rentokil Initial (1.75), Secure Trust Banking (10.5), Travis Perkins (7.6), Trinity Mirror (5.5), Vitec Group (6.1), Weir Group (3.35), Wolseley (15.6) Good Trading!      david@FTSEDOW.com     www.FTSEDOW.com Pivot Calculator

Updated 9/30 for Wednesday's market.
Key DOW Levels for 10/1
UP Above 9,350
DN Below 9,225

Downtrending
Dow turns back down within channel.

From prior commentary, "...An upside break from the consolidation at 9,400 will likely extend today's upmove into tomorrow's trading. Likewise, a downside break below major support at 9,300 will result in another push lower within the current downtrend..."
The Dow got the downside break from the tight consolidation this morning and turned down within the current downtrend, seen in the 15 Minute Chart. The break below 9,300 further weakened the index and sent the Dow trending lower within the clear channel that has formed thorughout the current downtrend, seen in both the 15 and 60 Minute Charts.

We will likely see further downside movement within the channel until a break occurs. An upside break of the upper trend line of the channel at 9,350 will likely spark a sharp rally out of the range, while a break back below 9,250 will indicate further weakness within the channel.

Looking at the Daily Chart, you see that the Dow halted its downmove right at key support at 9,230. If the Dow can continue to hold above this level and get a break through 9,350, we could see a decent rally off support. However, a break of support will also likely spark another push lower in the medium term.

Short Term Dow

Short term, the Dow has formed a tight range at the lows of the 1 Minute Chart from 9,265 to 9,290. Watch for a break from this range to indicate short term direction tomorrow morning.

Medium Term Dow

In the medium term, we entered the market Short at 9,293, but later stopped out of the position at the entry, for a breakeven trade. No other trades were triggered and we are still out of the market. Watch 9,225 down, and 9,350 up, with 10 point stops.

NASDAQ & S&P

The NASDAQ and S&P each got downside breaks from their respective consolidations and are now trending within clear channels. Watch the channel boundaries tomorrow. *

Summary

The Dow got the downside break from the consolidation this morning, which led to another push lower within the current downtrend. Watch for further weakness within the channel until an upside break through 9,350 occurs.





WED FTSE PP

R2 4194.5
R1 4142.5
PP 4112.3
S1 4060.7
S2 4030.1

Close below Tue S2 and the 4100 level not bullish at all, also close was just above weekly S2 at 4070! Looking for a retrace of the current fall to 4230 level, still trading below my 60 min sig line and lt sig line, so will be looking for breaks above these! Too much too soon fall imho, fresh month buying tomorrow and midweek turn? we will see! Dj could do with closing above 9300 imho

Morning all
Very suprised to see the FTSE futures positive

Morning all. Thanks Croc & TP. Agreed Croc as after the DOW drop yesterday thought FTSE would have been down but we have until 4.30 to see. Happy trading all.