In a closely choreographed first visit to the Western world, Mohammed bin Salman (AKA MBS), 32, arrives in London today for a 3-day trip. Lots of adverts extolling his Vision 2030 diversification plan appeared in newspapers this morning and banners promoting bilateral links are fluttering. His timetable: 12:30 lunch at Buckingham Palace; 15:45 arrives at 10 Downing Street; later dinner at Clarence House hosted by Prince Charles and his eldest son William.
Previous president of Goldman Sachs and President Trump’s chief economic advisor Gary Cohn resigned yesterday afternoon. Hours earlier @realDonaldTrump Tweeted ‘everybody wants to work at the White House’ ‘and not only in terms of, it looks great on their resume – it’s just a great place to work’.
DAX 30
Rejected by the trend line but clinging to horizontal support at 12000. A daily close below here should add to bearish pressure. Note that the Financial Times reports today that Germany’s Jens Weidemann is willing to take over from Mario Draghi at the ECB when he retires in 2019.
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 position on a weekly close below 12000 and on a daily one below 11700.
FTSE 100
Yesterday’s fairly comprehensive rejection at the 7200 level has just turned the MACD bearish. A close clearly below 7100 should add considerable bearish momentum.
SHORT TERM TRADER: Small short at 7180; stop well above 7200. Target at 7000.
POSITION TAKER: Short at 7250; stop above 7325. Target the 6675 area.
S&P 500
Momentum is neutral as we hover at the 2700 area.
SHORT TERM TRADER: Small short at 2720; stop well above 2740. Target 2550.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
Picking up the pace a little amid generalised US dollar weakness.
SHORT TERM TRADER: Small long at 1.3835; stop below 1.3700. Target 1.4100.
POSITION TAKER: Small long at 1.3775; stop below 1.3700. Target 1.4250.
EURO/US DOLLAR
Yesterday’s rally has just turned the MACD bullish.
SHORT TERM TRADER: Small long at 1.2267; stop below 1.2250. Target 1.2500.
POSITION TAKER: Small long at 1.2270; stop below 1.2200. Target 1.2500.
GOLD
Momentum is neutral as we consolidate inside this year’s triangle.
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.
