DAX 30
Bouncing ahead of trend line support and March’s low, but barely denting the MACD, hinting that prices will maybe hold above here today.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
FTSE 100
Consolidating in a tiny range at this year’s lowest levels in what might be an inverted pennant formation.
SHORT TERM TRADER: Will sell on a weekly close below 7100.
POSITION TAKER: Small short at 7300; stop above 7350. Target 6650.
S&P 500
Rallying back to the middle of the range that’s held since March. Technically the series of slightly lower highs since the record high this year remains intact.
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
Consolidating very neatly in what might be a pennant formation and momentum is very close to this year’s most bullish reading. Also keep an eye on EUR/GBP where a weekly close below £0.8300 completes a complex head and shoulders top.
SHORT TERM TRADER: Small long at 1.2785; stop below 1.2500. Target 1.3200.
POSITION TAKER: Looking to go long on a weekly close above 1.2900.
EURO/US DOLLAR
Yesterday’s shooting star/doji candle hasn’t dented a marginally bullish MACD but suggests the euro will not manage a break above 1.0800 this week.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
GOLD
Tricky little moves against long term trend line resistance and the commodity channel index turned decidedly bearish on yesterday’s close.
SHORT TERM TRADER: Looking to re-sell.
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.
