DAX 30
A tiny little shooting star candle yesterday and bearish momentum hints that this week’s high for the index is in place.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
FTSE 100
Another index with a tiny shooting star candle yesterday though momentum has yet to turn bearish. Watch to see if we get some sort of weekly bearish reversal candle tomorrow. Look carefully as these tiny little moves are not usually what you’d expect to see at record highs.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
S&P 500
Another one with a minute shooting star underlining the fact just how global developed market indices move in tandem; causality usually attributed to US ones.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
A rather sorry sight as it gives back a Fibonacci 76.4 per cent of January’s rally. At least we’re nowhere near parity as so many were predicting post-referendum.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
EURO/US DOLLAR
Retreating a little but the MACD remains bullish.
SHORT TERM TRADER: Long at 1.0595; stop below 1.0500. Target 1.0750.
POSITION TAKER: Square.
GOLD
Approaching the psychological 1200 level as the MACD becomes more bearish. Another one to look at on Friday’s close for a potential medium and long term topping candle pattern.
SHORT TERM TRADER: Took profits on half my short position at 1205 and plan to run the other shorts down to 1185.
POSITION TAKER: Will sell on a weekly close below 1220 and again below 1200.
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.
