DAX 30
Consolidating in a tiny range just under the record high, with the MACD decidedly bearish.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
FTSE 100
A slight wobble yesterday with a hanging man candle on the day and waning MACD.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
S&P 500
Surprisingly strong bullish momentum as prices hover just under the record high and ever more analysts warn that the US stock market might be in bubble territory.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
A rather violent rejection from yesterday’s high at 1.2888 so that a shooting star candle has formed. Slightly worrying for our new long position but the commodity channel indicator is set to flash a buy signal.
SHORT TERM TRADER: Small long at 1.2825; stop below 1.2685. First target 1.3050, then 1.3400.
POSITION TAKER: Square for now.
EURO/US DOLLAR
Holding against the psychological 1.1100 but the commodity channel index is not suggesting a long position.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
GOLD
A sort of a half-baked bearish engulfing candle yesterday against Fibonacci 61 per cent retracement resistance has managed to turn the commodity channel index lower.
SHORT TERM TRADER: New small short at 1263; stop above 1277. Target 1220.
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.
