Northern Ireland hasn’t had a government in goodness knows how many months. Then Germany currently doesn’t have one either though Martin Schultz yesterday agreed to further talks with Angela Merkel to see if they could cobble something together. Now Irish minority government leader Mr Varadkar is wrapped up in an escalating scandal and potential vote of no confidence with his deputy Frances Fitzgerald, potentially leading to another general election.
Reuters reports that a YouGov survey out this morning shows UK consumer confidence dropping to 106.6, its lowest reading since the referendum on Brexit. Down sharply from October’s 109.3 it does though remain above the 100 level meaning people are not yet pessimistic.
DAX 30
Fibonacci 38 per cent retracement support continues to hold, as we had thought likely and conditions that are likely to be very quiet today mean there is little to rock the boat.
SHORT TERM TRADER: Short at 12960; stop above 13225. First target 12700.
POSITION TAKER: Square.
FTSE 100
A fairly large doji type candle yesterday denotes a market looking for direction.
SHORT TERM TRADER: Short at 7470; stop above 7480. Target 7125.
POSITION TAKER: Short at 7375; stop above 7465. Target 7125.
S&P 500
Not much likely to happen today but keep an eye on the US dollar which is losing ground against many other currencies.
SHORT TERM TRADER: Short at 2565; stop above 2615. First target 2515 and more realistically 2460.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
Struggling to hold above rectangle consolidation. Watch for today’s close.
SHORT TERM TRADER: Square.
POSITION TAKER: Will generally start thinking about selling the US dollar depending where different currencies close today. Careful though as markets will be thin.
EURO/US DOLLAR
Managing to close above the re-drawn trend line yesterday and I’m trying to look at this chart with fresh eyes.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
GOLD
Hovering just under trend line resistance.
SHORT TERM TRADER: Short (and a little worried) at 1281; stop above 1300. Target 1260.
POSITION TAKER: Square.
Nicole Elliott is a long-standing Member of the Society of Technical Analysts and has taken over 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.
