Yesterday the European Automobile Manufacturers’ Association said that in 2017 15.6 million cars were sold, a 3.3 per cent increase on 2016 and the highest since 2007’s 16 million. Toyota saw the biggest gains with a 12 per cent rise, as did Renault’s Dacia, the parent company gaining 6.7 per cent. The survey covers 27 EU countries (not Malta), Iceland, Norway and Switzerland.
President Trump’s passed his medical. Rear Admiral Ronny Jackson said the 71-year old was ‘fit for duty’ though at 6 foot 3 inches and weighing 239 pounds he was borderline obese. Tweaks to his diet were suggested and went down better than the suggested daily exercise regime. He had ‘absolutely no concerns about his cognitive ability’.
DAX 30
A decent sized shooting star candle yesterday underlines the struggle the index is having under last year’s record high. The MACD might turn negative today.
SHORT TERM TRADER: Short at 13290; stop above 13550. Target 12900.
POSITION TAKER: Square.
FTSE 100
Retreating from the record high but holding above last week’s low. Bullish momentum eased further – a pity.
SHORT TERM TRADER: Square.
POSITION TAKER: Long at 7681; stop below 7645. Target 8000.
S&P 500
A rather big doji yesterday denoting instability at a new record high, yet still very overbought on the RSI. All things being equal a weak US dollar will prop up all asset classes prices in dollars.
SHORT TERM TRADER: Square but thinking of selling.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
Flirting with a new multi-month high, keeping bullish momentum steady.
SHORT TERM TRADER: Looking to re-buy.
POSITION TAKER: Long at 1.3730; stop well below 1.3600. First target 1.4000, then probably 1.4600.
EURO/US DOLLAR
The chart looks just like cable’s underlining the fact we are looking at the value of these currencies through the prism of the US dollar.
SHORT TERM TRADER: Long at 1.2150; stop below 1.2040. Target 1.2575.
POSITION TAKER: Long at 1.2200; stop below 1.1900. First target 1.2600, then maybe 1.3000.
GOLD
Struggling with first trend line resistance and the commodity channel index looks set to turn down again.
SHORT TERM TRADER: Square.
POSITION TAKER: Short at 1317; stop above 1360.
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.
