Join our community of smart investors
OPINION

Litigation looms

Litigation looms
May 3, 2017
Litigation looms
IC TIP: Hold

DAX 30

Closing at a new record high just above the psychological 12500 as US investors are being urged to switch into Europe because it’s cheaper.

SHORT TERM TRADER: Square.

POSITION TAKER: Square.

FTSE 100

Hovering at the neckline of a sort of head and shoulders top.

SHORT TERM TRADER: Small short at 7265; stop above 7315. First target 7100.

POSITION TAKER: Small short at 7300; stop above 7350. Target 6650.

S&P 500

Though not overbought nasty little price action since last week looks like a market hovering nervously at record high.

SHORT TERM TRADER: Square.

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

BRITISH POUND/US DOLLAR

Holding just under last week’s high at 1.2965 as analysts start to change their tune, Nomura now targeting $1.3700 by year-end.

SHORT TERM TRADER: Long at 1.2785 for 1.3200; stop below 1.2700.

POSITION TAKER: Long at 1.2950; stop below 1.2700. Target 1.3400.

EURO/US DOLLAR

Some similarities with the S&P chart though it’s overbought.

SHORT TERM TRADER: Tiny short at 1.0885; stop above 1.0950. Target 1.0600.

POSITION TAKER: Square.

GOLD

Drifting ever so slowly lower.

SHORT TERM TRADER: Short at 1271; stop above 1275. 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.

Sign up to The Trader's market outlook emails.

Read more of the Trader's articles.