DAX 30
Bullish momentum has collapsed as we hover just under this year’s high.
SHORT TERM TRADER: Small short at 11840; stop well above 12000. First target 11450.
POSITION TAKER: Square.
FTSE 100
Momentum has just turned bearish as we hover just under the record high at 7354.14. The tiny potential rounded top is still there.
SHORT TERM TRADER: Small short at 7265; stop above 7355. Target 6950.
POSITION TAKER: Square.
S&P 500
All eyes on President Trump this afternoon as he makes his first address to Congress where he is expected to lay out the major planks of his economic and political strategy.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
Stuck in a narrow range with little to go for.
SHORT TERM TRADER: Small long at 1.2535; stop below 1.2400. Target 1.2730.
POSITION TAKER: Square.
EURO/US DOLLAR
Trying but not terribly successful. Note that recent data of interbank cross-border lending in the Eurozone has seen it slump rather significantly over the last few months.
SHORT TERM TRADER: Small long at 1.0625; stop below 1.0500. Target 1.0730/1.0800.
POSITION TAKER: Square.
GOLD
Quite a bit of media coverage as to how well gold has done so far this year – and, needless to say, how rosy its outlook continues to be. Careful with the hindsight trade. Yesterday’s little shooting star candle at the Fibonacci 61 per cent retracement level beams out a little warning signal.
SHORT TERM TRADER: New tiny short at 1252; stop above 1270. Target 1205.
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.
