Join our community of smart investors
OPINION

Trump’s message last night

Trump’s message last night
April 7, 2017
Trump’s message last night

DAX 30

Looking slightly top-heavy and the commodity channel index has turned bearish. Note that this morning Germany’s February trade data showed imports down and exports up for a €21 billion surplus – close to last year’s highest levels.

SHORT TERM TRADER: Will try a small short on a weekly close below the psychological 12000.

POSITION TAKER: Square.

FTSE 100

Really rather funny the way it is trying so very hard to hold horizontal support at 7275.

SHORT TERM TRADER: Planning a new short on a daily close below 7250.

POSITION TAKER: Small short at 7300; stop above 7450. Target 6650.

S&P 500

Another index making a brave stab at holding trend line support. US employment data due this afternoon and all eyes on that.

SHORT TERM TRADER: Small short at 2345; stop above 2385. Target 2265.

POSITION TAKER: Small short at 2335; stop above 2405. Target 2150.

BRITISH POUND/US DOLLAR

Still stuck inside triangle consolidation with zero momentum.

SHORT TERM TRADER: Small long at 1.2415; stop below 1.2355. Target 1.2600.

POSITION TAKER: Square.

EURO/US DOLLAR

Same as it’s been all week, with rather odd price action in the middle of its long term trading band and the commodity channel indicator tries, feebly, to help it form an interim base. Note that once again ECB head Mario Draghi reiterated that negative interest rates and other aspects of monetary policy are appropriate

SHORT TERM TRADER: Square.

POSITION TAKER: Square.

GOLD

Suspect price action from IG this morning but what can you do when Mr Trump unleashes another ‘surprise’.

SHORT TERM TRADER: Stopped out of my long-held short position on today’s short squeeze.

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.

Sign up to The Trader's market outlook emails.

Read more of the Trader's articles.