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OPINION

Spring Equinox today

Spring Equinox today
March 20, 2017
Spring Equinox today

DAX 30

Almost at 2015’s record high and overbought.

SHORT TERM TRADER: Short at 12025; stop above 12200. Target 11600

POSITION TAKER: Square.

FTSE 100

At record high and almost overbought with nothing interesting in the weekly chart.

SHORT TERM TRADER: Square.

POSITION TAKER: Square.

S&P 500

Almost at record high and more overbought on the weekly chart than it has been in since February 2011.

SHORT TERM TRADER: Square.

POSITION TAKER: Square.

BRITISH POUND/US DOLLAR

Sterling strengthened a little last week against an array of currencies, with a bullish engulfing candle in cable’s weekly chart. This has kept the MACD bullish, as it has been since late November despite all those claiming it could only weaken.

SHORT TERM TRADER: Small long at 1.2230; stop below 1.2250. Target 1.2500-1.2530.

POSITION TAKER: Square.

EURO/US DOLLAR

Pushing higher for a third consecutive week with a positive MACD since late January which ought to allow for a test of pivotal resistance in the 1.0800 area.

SHORT TERM TRADER: Square.

POSITION TAKER: Even though I’m really not a fan of the euro I will consider going long on a weekly close above 1.0800.

GOLD

Last week’s candle fits inside the body of the previous one and is known as a Harami pattern. It is meant as a pregnant pause, a market which is looking for direction.

SHORT TERM TRADER: Square.

POSITION TAKER: Short at 1205; stop above 1240. Target 1160.

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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