DAX 30
Nasty little track laid down since early December with the index perennially overbought as it creeps higher for the best part of 17 weeks.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
FTSE 100
Creeping sideways between 7200 and 7400 all year. How can one summon any interest – and now the MACD has turned down.
SHORT TERM TRADER: Square.
POSITION TAKER: Small short at 7300; stop above 7450. Target 6650.
S&P 500
Trading just under the record high in tiny little daily and weekly ranges with both historical, and therefore implied, volatility at extremely low levels.
SHORT TERM TRADER: Small short at 2345; stop above 2385. Target 2265.
POSITION TAKER: Small short at 2335; stop above 2405. Target 2150.
BRITISH POUND/US DOLLAR
Increasingly messy as we continue to consolidate under the post-referendum Fibonacci 23 per cent retracement resistance. G7 foreign ministers meet today in Lucca, Italy, including the US’s Rex Tillerson.
SHORT TERM TRADER: Small long at 1.2415; stop below 1.2355. Target 1.2600.
POSITION TAKER: Square.
EURO/US DOLLAR
Trading down again after the previous week’s fairly comprehensive rejection from long term resistance between 1.0800 and 1.0900. A stalemate and many FX traders and market makers increasingly worried about their job prospects.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
GOLD
Just as we had thought: the spike above 1260 was not sustained and we have now formed a weekly shooting star candle just above the 50 per cent retracement level.
SHORT TERM TRADER: New short at 1254; stop above 1275. Target 1200.
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.
