DAX 30
Holding fairly comfortably just under this year’s high but progress over the last nine weeks has been lacklustre indeed, as confirmed by the MACD.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
FTSE 100
Yet another in the interminable series of tiny doji candles as the market struggles close to the record high for rather too long for comfort. MACD not surprisingly waning this week.
SHORT TERM TRADER: Small short at 7265; stop above 7355. Target 6950.
POSITION TAKER: Square.
S&P 500
As the US returns from yesterday’s Presidents Day holiday – where Donald Trump impeachment rallies were held in many US cities – the S&P 500 index is still overbought.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
Really not going very far at all – like a lot of other currency majors.
SHORT TERM TRADER: Small long at 1.2535; stop below 1.2400. Target 1.2730.
POSITION TAKER: Square.
EURO/US DOLLAR
Selling off a little this morning as Eurozone finance ministers and Euro group officials yesterday decided to give Greece a little more rope with which to comply with bailout negotiations. A new summit on the subject will be called in March.
SHORT TERM TRADER: Small long at 1.0625; stop below 1.0500. Target 1.0730/1.0800.
POSITION TAKER: Square.
GOLD
Zero momentum as prices hover half way between November’s high and December’s low.
SHORT TERM TRADER: Small short at 1222; stop above 1255. Target 1180.
POSITION TAKER: Square.
MORE FROM NICOLE ELLIOTT...
Nicole Elliott is a longstanding Member of the Society of Technical Analysts and provides the IC's trading coverage. She is regularly interviewed and quoted by the financial media, is a conference speaker and author of several books on charting.
