Forex Blog by Greg Secker

The DOW closed the session down 208 points at 13028 which is below the neck line of the large head and shoulders, which is highly bearish. Based on this pattern we could be looking at a decline of some 600 points over the next few weeks, watch the 13,000 level as this could provide some support. The S&P, down 26 points, and NASDAQ, down 43 points, are both testing key levels of support. The FTSE, writes Greg, 100 traded higher during the session but when the US markets opened the FTSE began its decline to close down 75 points and leave us with a bearish high test reversal bar. A similar day for the FTSE 250, which close down 169 points. Futures – The DOW is called down 70 points, FTSE is called down 70 points. Oil is trading at $72.80 a barrel and gold at $667.