DAX 30
The MACD clearly in the red again though prices are well above first trend line support.
SHORT TERM TRADER: Short at 12025; stop above 12150. Target 11600
POSITION TAKER: Square.
FTSE 100
Holding first trend line support with a tiny little hammer candle. Let’s see if this will last through to the end of this week as momentum is no longer bullish.
SHORT TERM TRADER: Square.
POSITION TAKER: Planning a small short on a weekly close clearly below 7400.
S&P 500
The MACD increasingly bearish as the index starts eyeing up a couple of a series of diagonal trend lines that can be drawn all the way back to 2009’s low. Breaks of these are not necessarily critical technically but will serve as a warning to the complacent.
SHORT TERM TRADER: Square.
POSITION TAKER: Planning to go short but not sure what will confirm this trade.
BRITISH POUND/US DOLLAR
Increasingly bullish momentum is helping cable eye up trend line resistance taken from an interim high. Not bad considering the scenes of carnage yesterday on Westminster Bridge.
SHORT TERM TRADER: Square and wondering where to go long again.
POSITION TAKER: Square.
EURO/US DOLLAR
Consolidating above the top of the trend line taken from an interim high, keeping the MACD steadily bullish. The Japanese yen is leading the way.
SHORT TERM TRADER: Square.
POSITION TAKER: Will consider going long on a weekly close above 1.0800.
GOLD
Up close to February’s highs but yesterday’s little shooting star candle suggests it might not be too happy at these levels.
SHORT TERM TRADER: Square.
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.
