Yesterday, notes Mr Secker, the FTSE 100 rallied 100 points to close at 4,295. The index is now resting on the 50ema so today will be a very interesting day because in the last few months the index has found resistance at the 50 ema. If this level is breeched then we could see a re-test of the double bottom neck-line level at 4,660 but if the 50 holds thenwe could see heavy falls. The Mining sector may drag the FTSE down today because of news releases. Yesterday, notes Mr Secker, the Dow opened the day with early strength as the index smashed through resistance at 8,250 and rallied up to 8,400. At the close the index pulled back from the day’s highs, but still closed the day with a healthy gain of 201 points. We are watching 8,400 closely today as a failure at this level could spark a nice drop back toward the 8,000 level. Conversely, strength above this zone could mean uninterrupted strength back toward the 9,000 level. The NASDAQ and S&P each rallied nicely out of their respective ranges. Keep an eye on today’s highs for continued strength. Today on the Forex news releases we are expecting the US Durable Goods orders and Unemployment Claims at 13.30 GMT. The Durable Goods figure is the change in total value of new purchase orders placed with the manufacturing sector, and if the actual is greater than the forecast then this is good for the currency. The Unemployment Claims is the number of people who filed for unemployment insurance for the first time. This figure is usually watched with great interest because it provides an accurate and up-to-date representation of the unemployment situation. There are no major news releases on GBP or EUR today. Good Trading.

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