Opening Report – 02 September 2014

1. Introduction

Positive action right now and the DAX looks set to take out 9600.

2. UK FTSE 100

The FTSE is now at 6846 up 20 points. FTSE is positive today but still has to deal with major minus development/resistance around 6880/6950…

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3. The German DAX
The DAX is now at 9570 up 91 points. The decline off the Fib 61.8% looks corrective and the DAX is now re-testing….

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4. The US DOW

The Dow closed on Friday at 17098 up 18 points, with the spread betters now quoting it at 17133 (+35)…

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5. The Japanese NIKKEI DOW

The Nikkei Dow closed at 15668 up 198 points. A C wave decline remains possible here, but right now the Nikkei is showing good relative strength…

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6. US T-BOND

Bonds have moved up in what I believe is an a-b-c correction…

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7. Gold (UK cash)

Gold is right on trendline support.

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8. FOREX

I believe GBP/USD has seen a key peak and it would be good to see a corrective rally to short. GBPEUR may follow suit but is currently re-testing the highs

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