DAX 30
A rather nasty shooting star/doji candle yesterday at a new record high yet the MACD just will not turn bullish. Careful.
SHORT TERM TRADER: Tiny short at 12654; stop above 12900. First target 12300.
POSITION TAKER: Square.
FTSE 100
Looking increasingly like a little head & shoulders top at the record high with the MACD has been decidedly bearish so far this month.
SHORT TERM TRADER: Small short at 7542; stop above 7600. Target 7300.
POSITION TAKER: Will go short on a weekly close below 7400.
S&P 500
A potential tiny double top at the record high just above 2440 and all bullish momentum has dropped out of this index.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
A small shooting star/doji yesterday against what had been horizontal support at 1.2770 and has now become resistance. MACD still clearly bearish.
SHORT TERM TRADER: Small short at 1.2690; stop above 1.2830. Target 1.2400.
POSITION TAKER: Square.
EURO/US DOLLAR
After struggling all week just above 1.1200 yesterday’s fairly dramatic shooting star/doji candle reminds that at this year’s highs the euro is vulnerable. Today Eurozone finance ministers meet in Luxembourg to once again discuss whether they can go ahead with another tranche of bailout money for Greece.
SHORT TERM TRADER: Square.
POSITION TAKER: Closed out of long position at a small loss as I’m not happy about it following yesterday’s shooting star doji.
GOLD
A massive shooting star yesterday through original trend line resistance reminds of the struggle gold has had at the 1280/1300 area for months. Both daily and weekly commodity channel indices now bearish.
SHORT TERM TRADER: Small short at 1271; stop above 1280. Target 1220-1230.
POSITION TAKER: New small short at 1262; stop above 1280. Target 1200.
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.
