DAX 30
Inching up again and almost overbought on the RSI.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
FTSE 100
Hovering in a tiny range just above the trend line and momentum not bullish.
SHORT TERM TRADER: Square.
POSITION TAKER: Small short at 7300; stop above 7450. Target 6650.
S&P 500
Hovering between the trend lines with the MACD decidedly bearish.
SHORT TERM TRADER: Square.
POSITION TAKER: Small short at 2335; stop above 2405. Target 2150.
BRITISH POUND/US DOLLAR
Just as we had thought, rather a lot of knee-jerk reactions yesterday completing a hammer candle suggesting an interim low might be in place. Hopefully on a more even keel until the weekend.
SHORT TERM TRADER: Small long at 1.2415; stop below 1.2370. Target 1.2600.
POSITION TAKER: Square.
EURO/US DOLLAR
Bullish momentum has unfortunately collapsed as prices hover against what had been trend line resistance.
SHORT TERM TRADER: Small long at 1.0865; stop below 1.0700. Target 1.1075.
POSITION TAKER: Square.
GOLD
Just stopped suddenly; quite extraordinary.
SHORT TERM TRADER: Small short at 1250; stop well above 1265. Target 1200.
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.
