LS Trader Weekly Update

There are  handful of markets that are trending reasonably well at present which include soft commodities, stocks indexes and a couple of currency markets. This coming week the LS Trader system is entering 5 new trades, taking our current total of open trades up to 14.

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The LS Trader Financial Spread Betting Weekly Update

Stocks

Stock  indexes continue to move higher with the Nasdaq once again posting new contract highs and also new highs for the year. On Thursday the Nasdaq posted a new high for the year at 1633 before pulling back to close the week at 1602. The trend remains up.

There was also strength in the other main stock indices. The S&P also reached its highest level for the year, reaching a high of 994. We may see a test of the psychological 1000 level this coming week and that may determine short term direction in this market. The Nikkei was also higher and reached its highest level since October last year after taking out resistance at 10230.

Commodities

Gold once again tested the key $960 level and fell back sharply early in the week. Support then came back in bring Gold almost back up to the $960 again. This will again be the key level this week. If $960 can successfully be taken out then we may see a move higher again towards $1000 but failure here may lead to declines back towards $900.

After a brief correction mid week, Copper resumed the uptrend and continued its good run for the year, once again reaching its highest level for the year on Friday.
Palladium and Silver were also higher again.

Crude Oil ended the week higher after a volatile week which saw large swings in both directions. The September contract may continue higher towards contract highs where resistance may be found. Heating Oil and No leaded Gas were also higher.

Sugar cleared the resistance that we wrote about last week at 1853 before closing the week out at 1861.We may now see a move higher towards the 2000 level.

Currencies

From last week “The contract low (September Dollar Index) set this past week at 7858 should now be the next support level and we may get a bounce from there. If support at 7858 fails then a move lower towards 7700 may be on the cards.” The dollar index moved higher early in the week from support but was unable to take out resistance at 8000. Failure at 8000 led to a move lower again and new  contract lows. The dollar remains weak against most of the major currencies.

The Euro has still been unable to take out resistance at contract highs at 1.4327. This level remains the upside target but continues to provide resistance. The Euro has been in a fairly tight range since the middle of May and an eventual breakout may give rise to movement in the direction of the breakout.

The commodity based currencies of Australia, Canada and New Zealand were again all higher for the week as the current uptrend continues. The British Pound was sharply higher late in the week and fell just short of contract highs at $1.6742. This will be the level to watch this week.

Interest rate futures

Interest rate futures continue to consolidate within the current trading range. There is no clearly defined direction at the moment and we remain on the sidelines.

Kind Regards

Robert Stewart