Brokered by South Korean diplomats since the thaw in relations on the peninsula after the winter Olympics, Donald Trump in a hastily organised press conference yesterday agreed to meet Kim Jong Un for talks. Credit where credit’s due, but both these unconventional men certainly know how to catch the world unawares. Location is as yet unknown, but BBC radio reports it should happen by the end of May this year.
Reporting yesterday the John Lewis Partnership saw profits fall 77 per cent to £103.9 million on sales which were up 1.8 per cent to £10.2 billion. The staff bonus pool was cut to a 60-year low of 5 per cent.
DAX 30
Support is holding better than expected and there is a good chance that we’ll settle again above horizontal support at 12000.
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
Grappling with new trend line resistance and the 7200 area.
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
All very inconclusive as we hold above long term trend line support with no direction or momentum. Now we’ll all be waiting for US employment data at 13:30 GMT, where January’s upset was caused by pay growth.
SHORT TERM TRADER: Small short at 2720; stop well above 2740. Target 2550.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
Another little set-back as cable struggles under trend line resistance.
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
Not enough momentum to do anything properly and now we’ll have to sit it out waiting for US data early this afternoon.
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
Back to sitting rather uncomfortably on triangle support.
SHORT TERM TRADER: Will sell on a close clearly below the trend line tonight.
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.
