Yesterday – notes Greg Secker – the FTSE closed down 29 points at 4,387 with resistance gained at 4,400 and support from the 20ema. The price gapped down 60 points at the open at 08:00, and is still sandwiched between the support and resistance levels mentioned last week. The Dow closed up 103 points at 8,403 and is still sandwiched between support at 8.240 and resistance at 8,600. The S&P and Nasdaq are also still ranging sideways. FX news: Figures from the UK’s Nationwide HPI m/m, which measures the change in the selling price of homes with mortgages backed by the Nationwide, came in at 7:00 this morning: the average cost of property increased by 1.2% in May, expected at -0.9% and previously -0.4%. House prices rose sharply in May offering evidence of activity in the UK housing market. Other high news today includes USD Prelim GDP q/q, currently expected to be revised upwards to – 5.5%, after the initial Advance GDP was set at -6.1%.
