DAX 30
Inching to a new record high this morning as we break above the top of the right-angled triangle – yet the MACD is very mixed this month.
SHORT TERM TRADER: Stopped out of short position at a loss and now square.
POSITION TAKER: Square.
FTSE 100
Turning into a bit of a mess really with momentum now neutral on the daily chart. Listen out for the delayed Mansion House speeches from Hammond and Carney this morning.
SHORT TERM TRADER: Small short at 7542; stop above 7600. Target 7300, maybe 7200.
POSITION TAKER: Square.
S&P 500
US indices bursting to new record highs, and overbought again, as yesterday the US Fed’s Evans suggested that waiting until year-end before raising rates again might be an idea as they had a ‘serious policy outcome miss’ when it came to their inflation target.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
Exceedingly tedious and let’s see what Barnier has to say today to his colleagues in Luxembourg following his talks with the UK yesterday.
SHORT TERM TRADER: Small short at 1.2690; stop above 1.2830. Target 1.2400.
POSITION TAKER: Square.
EURO/US DOLLAR
Looking a little tired up here with a potential, gentle, rounded top forming since mid-May.
SHORT TERM TRADER: Small short at 1.1185; stop above 1.1300. Target 1.0900.
POSITION TAKER: Square.
GOLD
Dropping again and has now given back just over 61 per cent of the most recent rally.
SHORT TERM TRADER: Small short at 1271; stop above 1265. Target 1220-1230.
POSITION TAKER: Small short at 1262; stop above 1270. 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.
