We had the biggest down day on the Dow since June, with many people putting some emphasis on the 25th anniversary of the '87 crash. Looking at a few markets I think we hold at least for the next week or so. 1428 remains the key level for the S&P, but looking at both the DAX and the Euro, there seems to be some signs for optimism. The Euro held a critical 1.3020 level which keeps the current uptrend intact, 1.315 is the major resistance, whilst on the DAX considering the falls that we saw out of US, has held reasonably well. Earnings aside from the financials have disappointed and today's release from Caterpillar will be key. But for me, if we can make some ground today on the US indices a retest of 1460 and maybe 1475 on the S&P will become more of a possibility. Volumes remain low, and any pick up in such will give further clues.
Philip Ball | Sales and Trading