Natural gas is flowing back into EU countries as overnight Austria has fixed the explosion that closed the Baumgarten gas hub yesterday.  Tuesday’s blast at a compressor station 50 kilometres northeast of Vienna killed one person and injured another 21.  The complex shifts around 10 per cent of European demand.

DAX 30

With some of the German exchanges out of action this morning (read in the news section above) I’m not sure if Dax prices are valid.

SHORT TERM TRADER:  Square.

POSITION TAKER:  Square.

FTSE 100

Retracing nearly ¾ of November’s decline very quickly and now momentum is bullish.

SHORT TERM TRADER:   Square.

POSITION TAKER:  Square.

S&P 500

Hovering at the record high and overbought yesterday the Republicans lost a senate seat to the Democrats taking the balance to 51 versus 49, a tiny lead for President Trump.

SHORT TERM TRADER:  Tiny short at 2631; stop above 2665.  Target 2550.

POSITION TAKER:  Square.

BRITISH POUND/US DOLLAR

Prices sagging as bullish momentum fizzling.  Now let’s see what the Bank of England will say and do at its meeting tomorrow seeing as CPI touched 3.1 per cent forcing a letter of apology to the chancellor.  

SHORT TERM TRADER:  Square.

POSITION TAKER:  Stopped out of my long position.

EURO/US DOLLAR

Dragged down by an increasingly negative MACD. 

SHORT TERM TRADER:  Square.

POSITION TAKER:  Square.

GOLD

Dipping briefly below 1240 as momentum remains clearly bearish.

SHORT TERM TRADER:  Square.

POSITION TAKER:  Short at 1249; stop above 1270.  First target 1215, and 1200.

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.