Markets continue to trade at their unhurried summer pace with no signs that we’ll encounter any directional momentum today. The highlight of yesterday’s trading day was the BoE MPC Posen addressing comments advanced by S&P regarding the UK’s cherished AAA sovereign rating. S&P asserted that UK debt levels were approaching levels incompatible with their AAA rating. Posen later addressed…

The Nasdaq Point & Figure chart sports a clear downtrend with a bearish resistance line and a downside price objective around 1900. According to this chart, the trend will remain down until there is a break above the bearish resistance line, which is currently around 2345.

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