DAX 30
A tiny little doji candle after Monday’s gap higher and still the index is overbought. All small signs of instability.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
FTSE 100
Did absolutely nothing all day yesterday, forming a tiny doji while hovering at the neckline of a head and shoulders top. This could be the central candle of a three candle evening star chart pattern. Bears will hope so as the MACD is no longer in their favour.
SHORT TERM TRADER: Small short at 7265; stop above 7350. First target 7100.
POSITION TAKER: Small short at 7300; stop above 7350. Target 6650.
S&P 500
Back up almost at the record high as restaurant chain McDonalds posts a new all-time high.
SHORT TERM TRADER: Stopped out of short position with a small loss.
POSITION TAKER: Small short at 2335; stop above 2405. Target 2150.
BRITISH POUND/US DOLLAR
Quite amazing that it’s still holding inside its potential pennant formation as bullish momentum eases.
SHORT TERM TRADER: Small long at 1.2785; stop below 1.2600. Target 1.3200.
POSITION TAKER: Square.
EURO/US DOLLAR
Posting a new high for this year at 1.0950 yet the commodity channel dipped.
SHORT TERM TRADER: Tiny short at 1.0885; stop above 1.0950. Target 1.0600.
POSITION TAKER: Square.
GOLD
Dipping back down to February’s high as the commodity channel index turns more bearish.
SHORT TERM TRADER: Short at 1271; stop above 1280. 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.
