DAX 30
Within a whisker of the record high set almost two years ago and still overbought on the RSI.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
FTSE 100
Almost but not quite overbought as we flirt with this year’s record high.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
S&P 500
A sort of shooting star candle last week and ridiculously overbought on the RSI after rallying for six consecutive weeks – admittedly in very small steps. Looking for signs of instability ahead of next week’s Fed interest rate decision.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
Trying to base around 1.2260, a Fibonacci 61 per cent retracement from last month’s high, and the weekly MACD is still just bullish. Struggling though and likely to continue to do so until we see Mr Hammond’s Budget this Wednesday.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
EURO/US DOLLAR
Trying to base around 1.2260, a Fibonacci 61 per cent retracement from last month’s high, and the weekly MACD is still just bullish. Struggling though and likely to continue to do so until we see Mr Hammond’s Budget this Wednesday.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
GOLD
Just as we had warned on Friday the weekly close below 1257 has created a bearish engulfing candle and a tweezers top combination over this last fortnight. This suggests we have found an interim top to the corrective bounce that started in December, at the 50 per cent retracement area.
SHORT TERM TRADER: Added to short position on Friday’s close at 1234; stop above 1260. Target 1205, maybe 1185.
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.
