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Social Mobility Commission

Social Mobility Commission
June 28, 2017
Social Mobility Commission

DAX 30

A decent sized bearish engulfing candle as we break immediate trend line support has set the MACD to bearish. Note that yesterday automotive parts manufacturer Schaeffler AG warned on profits due to ‘pricing pressures’ from carmakers sending their shares down almost 12 per cent.

SHORT TERM TRADER: Square.

POSITION TAKER: Square.

FTSE 100

Re-testing trend line and horizontal support, a close below which would complete a rounded top.

SHORT TERM TRADER: Small short at 7542; stop above 7600. Target 7300, maybe 7200.

POSITION TAKER: Will sell on a weekly close below 7400.

S&P 500

Re-testing this month’s lows after Monday’s shooting star candle has turned momentum bearish. Yesterday the Fed’s Janet Yellen said reforms since the financial crash of 2008 had minimised the risk of a similar disaster happening again and that a repeat ‘it will not be in our lifetimes’. Famous last words.

SHORT TERM TRADER: Square.

POSITION TAKER: Square.

BRITISH POUND/US DOLLAR

This chart’s getting awfully messy.

SHORT TERM TRADER: Stopped out of my short position at a small loss and rather relieved as this currency pair is going nowhere fast.

POSITION TAKER: Square.

EURO/US DOLLAR

Unexpectedly bursting to a new high for the year and becoming overbought in the process as the ECB’s Draghi sounded less accommodating than usual. And on the other side of the equation the IMF warning that President Trump’s plans will fail to boost US growth.

SHORT TERM TRADER: Also stopped out of my short here at a loss.

POSITION TAKER: Square.

GOLD

Consolidating ahead of trend line support as commodities generally languish.

SHORT TERM TRADER: Square.

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.

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