AM Update 08:30

Despite a weaker opening, the FTSE 100 has rallied off the lower trendline around the 5530 level making this a third test of this support in three days. This may well prove constructive if this holds: both the Banks and Oil and Gas sectors are showing green this am which are helping to lift the mega caps

FTSE 250 is also attempting a relief rally while AIM has slipped 0.3%

Pre Market 07:15 Update

UK futures point to another red day today as the FTSE 100 looks to shed around 50 points to open around the 5520 level at pixel. This follows an indecisive day yesterday where the indices closed flat except for the mid 250 which was down another 0.6% with broad weakness across domestic sectors

US ended the day in better stead with many of the big tech names boosted the NASDAQ to close up almost 2% while the S&P gained 1.2% and the DOW 0.5%.  GOOG, [stock_market_widget type="inline" template="generic" assets="GOOG" markup="{name} ({symbol})  {price} ({change_pct}){last_update}" style="font-size:x-small" api="yf"]  AMZN [stock_market_widget type="inline" template="generic" assets="AMZN" markup="{name} ({symbol})  {price} ({change_pct}){last_update}" style="font-size:x-small" api="yf"] delighted the street both up sharply after hours while AAPL fell in the afterhours as earnings received mix view and lower iPhones sales weighted [stock_market_widget type="inline" template="generic" assets="AAPL" markup="{name} ({symbol})  {price} ({change_pct}){last_update}" style="font-size:x-small" api="yf"] . US futures are signalling continued weakness with many of yesterday’s cash gains look set to be given back today as the NASDAQ futures are down 1.5% S&P -1.1% at pixel.

Asia closed weaker as October draws to a close

Gold remains weak with the 50MA acting as resistance for any attempted rally: Brent crude has slipped further to the $37 level although copper futures has stayed resilient around the  $3.05 level

33  UK companies have reported earnings ss far today with potential market movers SYNC, VVO, POG, CCC and IAG reporting third quarter results

The FTSE 100 and 250 are both at key levels with the meg cap index challenging the lower trendline in a channel what has held since June: loss of the level around 5520 and a dip to 5500 may see 5400 and lower revisited. This trend line has held for the two tests seen this week so its continue resilience maye well be indicative of prevailing sentiment for the short to medium term