Morning Call by Greg Secker

The Dow Jones opened with early weakness then moved within what is now, in relation to recent weeks, a tight range of 285 points to then fall almost the depth of that range in the last hour of trading to end the session down 231 points at 9,033. With the range for breakout remaining between the 9,200 level and 8,900 level on the downside look for the failure at these points for directional indication. With some resistance at the 9,300 level and no major market moving news out for the remainder of this week look for sustained directional movement should the 8,900 level be breached and held. At home the FTSE closed down 52 at 4,229 and as with Dow, starved of major market moving news look again to resistance off the 20 ema at around the 4,500 level and support at around the 4,100 point. Today we can look to the Bank of England minutes out at 9.30am British Summer Time for some potential movement. Gold is currently at $772.80 and Oil is trading at $71.77. That’s it, good trading and I will speak with you tomorrow.