DAX 30
Back above the psychological 12000 but the MACD clearly still in the red. Deutsche Bank reported yesterday that it has signed a 25-year lease on a new building on the City fringes at Moorfields saying, ‘the move underlines the bank’s commitment to the City of London and the importance it attaches to being an employer of choice in the capital’.
SHORT TERM TRADER: Short at 12025; stop above 12150. Target 11600
POSITION TAKER: Square.
FTSE 100
Hovering slightly uncertainly at first trend line support with momentum possibly turning bearish on tonight’s close.
SHORT TERM TRADER: Square.
POSITION TAKER: Planning a small short on a weekly close clearly below 7350.
S&P 500
Consolidating in what might be an inverted pennant pattern, under first trend line support, with the MACD increasingly bearish. Today President Trump faces the first test of his legislative agenda (repeal of Obama-care) and anything might happen. Weekly and monthly candles while not complete, are looking slightly top-heavy.
SHORT TERM TRADER: Square.
POSITION TAKER: Planning to go short but not sure what will confirm this trade.
BRITISH POUND/US DOLLAR
Stalling ahead of triangle resistance and has probably done enough for this week.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
EURO/US DOLLAR
Consolidating ever so neatly at important resistance at 1.0800. Note that this might be the fourth consecutive weekly bullish candle and that the weekly MACD is more bullish than it has been since the beginning of May.
SHORT TERM TRADER: Square.
POSITION TAKER: Will consider going long on a weekly close above 1.0800.
GOLD
A second consecutive little shooting star candle adds weight to our view that the market is not comfortable at current levels. Note that this might see the commodity channel index turn lower, but that depends on tonight’s close. Keep an eye out.
SHORT TERM TRADER: Square.
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.
