DAX 30
With every new opinion poll showing Marine Le Pen inching up in the election stakes, the spread between German and French assets widens – the stock market a case in point. At the psychological 12000, few chart levels lie around here other than the record high at about 12400.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
FTSE 100
Retreating the tiniest fraction from the psychological 7300, so that there is the potential to form a double top here (with January’s high). Only a weekly close below 7100 would complete the formation.
SHORT TERM TRADER: Small short at 7265; stop above 7355. Target 6950.
POSITION TAKER: Square.
S&P 500
When yesterday none other than legendary Jack Bogle said, ‘I don’t feel super confident’ about the stock market, this from the man who launched the first ever index tracking fund for Vanguard in 1976, be careful.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
Still holding with yesterday’s hammer candle hopefully setting up for a successful break above first resistance at 1.2550.
SHORT TERM TRADER: Small long at 1.2535; stop below 1.2400. Target 1.2730.
POSITION TAKER: Square.
EURO/US DOLLAR
Dipping again and bearish momentum increasing a tad as we keep an eye on European opinion polls. Note that against the pound at £0.8400 it’s at its weakest since just before Christmas.
SHORT TERM TRADER: Small long at 1.0625; stop below 1.0500. Target 1.0730/1.0800.
POSITION TAKER: Square.
GOLD
Momentum turning fractionally bearish yet prices are going nowhere.
SHORT TERM TRADER: Small short at 1222 and getting very fed up holding this boring position; stop above 1255. Target 1180.
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.
