The 19th of five-yearly meetings in Beijing with all 2300 delegates in attendance, it marks the start of President Xi Jinping’s second term as head of state. Saying, ‘China stands tall and firm in the east [and has] entered a new era’. They will hold discussions for a whole week and on the 24th October the leadership team will be announced. Note: Westminster’s House of Lords is the second biggest chamber in any world parliament with 798 peers sitting.
Bloomberg reports today that, per information from the European Commission, half of the European Union’s 28 countries have yet to add MiFID II onto their own rule books. This revised Markets in Financial Instruments Directive comes into force on the 3rd January 2018, having already been postponed by a year.
DAX 30
Very overbought throughout October with yesterday’s dragonfly doji dipping below the diagonal support line – as is the case with any market that moves sideways for long enough.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
FTSE 100
Another index with a dragonfly doji yesterday as both the upside and the downside are probed. Note the MACD is barely bullish.
SHORT TERM TRADER: Short at 7554; stop above 7600. Target 7320.
POSITION TAKER: Square.
S&P 500
Horribly overbought all this month and ratcheting up in tiny increments like a funicular railway.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
Giving up a little more ground though momentum is barely bearish. Waiting to see what tomorrow’s meeting of EU leaders and hinting at an announcement from the European council on Friday.
SHORT TERM TRADER: Small long at 1.3115; stop below 1.3100. Target 1.3400.
POSITION TAKER: Square.
EURO/US DOLLAR
Trying to base ahead of 1.1700 despite zero momentum.
SHORT TERM TRADER: Small long at 1.1770; stop below 1.1740. Target 1.2000.
POSITION TAKER: Square.
GOLD
Retreating from a recent high at a rather random chart level.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
Nicole Elliott is a long-standing Member of the Society of Technical Analysts and has taken over 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.
