Morning Call by Traders University

The FTSE 100 closed up 51 points on Friday at 4,438. A high test bar was formed gaining resistance from the 200ema and 4,500. The index is still bound in a range, so is giving few opportunities. Early last week the Dow broke up through a resistance level at 8,600 and last week moved up to gain resistance from the 200ema on Friday. Also last week the S&P 500 also rallied up to the 200ema, but broke through it on 2 occasions. On Friday the index closed below the 200ema at 940. In Forex news Canadian Housing Starts and German Factory Orders are the highlights of this relatively quiet day. The markets will also digest the growing possibility of a global reserve currency that will replace the dollar. Outlook for the first day of the Forex trading week: Housing stats high news at 1:15pm for CAD.