The complex web of votes and political parties following Sunday’s general election in Italy might take months to untangle. Whoever wants to lead must prove that they have enough support in both houses of parliament. Little surprise that Milan’s main stock market index closed in the red yesterday.
Bloomberg reports that viewing figures for the 90th Academy Awards ceremony broadcast late on Sunday saw a drop of almost 20 per cent from the previous year. Last year a total 32.9 million viewers saw the televised programme while this year they managed a record low 26.5 million, adding to the film industry woes where many of the movies up for awards grossed less than $100 million at the box office.
DAX 30
Bouncing strongly just ahead of our target at 11700 keeping the index within February’s range and correcting the oversold situation.
SHORT TERM TRADER: Small short at 12535; stop well above 12400. Target at 11750.
POSITION TAKER: Small short with a stop above 12400. Will add to the
FTSE 100
Hovering nervously between two important horizontal chart levels at 7100 and 7200. An inconclusive MACD suggests it’s looking for direction.
SHORT TERM TRADER: Small short at 7180; stop above 7325. Target at 7000.
POSITION TAKER: Short at 7250; stop above 7325. Target the 6675 area.
S&P 500
Despite yesterday’s bounce momentum is not bullish.
SHORT TERM TRADER: Small short at 2720; stop well above 2740. Target 2550.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
One can almost hear the cogs whirring as cable tries to decide which is the easier direction of travel.
SHORT TERM TRADER: New small long at 1.3835; stop below 1.3700. Target 1.4100.
POSITION TAKER: Small long at 1.3775; stop below 1.3600. Target 1.4250.
EURO/US DOLLAR
With the ECB meeting this Thursday some are suggesting that the strength of the euro might be a problem for Mario Draghi.
SHORT TERM TRADER: Small long at 1.2267; stop below 1.2200. Target 1.2500.
POSITION TAKER: Small long at 1.2270; stop below 1.2200. Target 1.2500.
GOLD
Certainly, a market looking for direction with a big weekly dragonfly doji just above the psychological 1300 level. Meanwhile the MACD is increasingly irrelevant.
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.
