FTSE unable to reach 6545/50 but we are holding support at 6485/75 as predicted. Use stops below 6460 & go with a break lower for 6436, possibly 6420/15. If we continue lower today look for a test of good support at 6375/70. A low for the day & for the correction is expected here but be aware we can over run as far as 6350.
There is still a good chance we hold support at 6485/75 today & return to resistance at 6540/45. Above 6560 is more positive & targets 6595/00. Look for a high for the day but shorts need stops above 6630.
Weekly outlook: A close below 6470 is another sell signal going in to next week. A close above 6565 is more positive.
S&P/TSX 60 broke support at 761/760 as we look for a buying opportunity at 756 today. This should hold the downside today but longs need stops below 753 as a break lower risks a slide to good support at 748/747.
Above 760 is less negative & sees 764/765, may be as far as 767/768 for a selling opportunity with stops above 770.
Weekly outlook: Resistance at 780 held the topside as expected last week but a break higher can target 793-798. Failure to beat 780 puts the market under pressure & should target 768 then 760 & possibly as far as 756 for a buying opportunity.
Daily reports available for: EURUSD, GBPUSD, Gold, WTI Crude, Brent Crude, Natural Gas, GasOil, FTSE, Dax, EuroStoxx, S&P, Corn, Wheat, Soybeans, Bund, Bobl, Schatz, GiltsRead More