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.