DAX 30
The MACD clearly in the red this morning as markets generally skid and re-think a little.
SHORT TERM TRADER: Short at 12025; stop above 12150. Target 11600
POSITION TAKER: Square.
FTSE 100
Bullish momentum collapses with yesterday’s relatively tame sell-off in what might turn out to be a bearish engulfing weekly candle.
SHORT TERM TRADER: Square.
POSITION TAKER: Planning a small short on a weekly close clearly below 7400.
S&P 500
Trend line support categorically broken backing up what the MACD had been flagging for days.
SHORT TERM TRADER: Square.
POSITION TAKER: Planning to go short but not sure what will confirm this trade.
BRITISH POUND/US DOLLAR
Pushing up to levels not seen since February as the US dollar loses a little more ground against many currencies.
SHORT TERM TRADER: Took profits on my long position this morning.
POSITION TAKER: Square.
EURO/US DOLLAR
With the Japanese yen at its strongest against the US dollar since late November, the euro is merely one of many rallying to some of their strongest levels post-Trump’s election win.
SHORT TERM TRADER: Square.
POSITION TAKER: Even though I’m really not a fan of the euro I will consider going long on a weekly close above 1.0800.
GOLD
Rallying, and many oscillators increasingly positive, as the US dollar weakens across the board.
SHORT TERM TRADER: Square.
POSITION TAKER: Stopped out of my short position at a loss.
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.
