DAX 30
So this beast struggled on with a shooting star type candle yesterday while testing immediate trend line support. MACD as mixed as ever.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
FTSE 100
Continuing on the theme of forming a tiny potential rounded top with a small spike high yesterday adding to the series of descending highs.
SHORT TERM TRADER: Small short at 7542; stop above 7600. Target 7300, maybe 7200.
POSITION TAKER: Will sell on a weekly close below 7400.
S&P 500
All vestiges of bullish momentum have been wiped out and yesterday’s shooting star candle underlines the struggle this market’s been having trying to hold above 2440.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
Consolidating quietly just below the horizontal 1.2770 level with the MACD clearly in negative territory since early May.
SHORT TERM TRADER: Still short at 1.2690; stop above 1.2825. Target 1.2400.
POSITION TAKER: Square.
EURO/US DOLLAR
Momentum only marginally bearish as prices hold in an extremely narrow range.
SHORT TERM TRADER: Small short at 1.1185; stop above 1.1300. Target 1.0900.
POSITION TAKER: Square.
GOLD
Lots of moaning as yesterday morning futures prices suddenly took a dive as can be seen on this hourly chart. Conspiracy theories about and a fat finger has been blamed. The point is, the gold price is subject to sudden swings of this magnitude as can be seen on the left hand side of the chart.
SHORT TERM TRADER: Square.
POSITION TAKER: Small short at 1262; stop above 1270. Target 1200.
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.
