A whistle-blower claims that Facebook has collected data on at least 50 million social media users and passed it on to Cambridge Analytica, which has close ties to Steve Bannon, Donald Trump’s former chief strategist. It is then alleged to have used the information on the mainly US voters to influence the outcome of the US Presidential election. British MP Damian Collins has asked Facebook CEO Zuckerberg to testify as to whether UK social media data had been used to influence the Brexit referendum and the general election, telling him to ‘stop hiding behind his Facebook page’.
Having been selected to run the country for another 5 years, President Xi Jinping is quickly assembling his top team. Harvard educated Liu He has been promoted to vice premier, Yi Gang the new head of the People’s Bank of China having been vice governor until now, and Liu Kun will be the new finance minister.
DAX 30
Last week’s dragonfly doji isn’t really a bullish enough candle to counter bearish pressure built since early February.
SHORT TERM TRADER: Small short at 12425; stop above 12525. Target 12000.
POSITION TAKER: Square.
FTSE 100
Once again managing a weekly close above increasingly important support at 7100. However, note the series of declining highs since February’s slump and the decidedly bearish MACD. Just biding one’s time.
SHORT TERM TRADER: Square.
POSITION TAKER: Short at 7250; stop above 7300. Will add on a weekly close below 7100. Target the 6675 area.
S&P 500
Holding rather unsteadily above long term trend line support. Keep an eye on the revolving door at the White House.
SHORT TERM TRADER: Small short at 2760; stop above 2880. Target 2620.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
Perhaps this is the week when bullish momentum picks up enough to break above the top of the right-angled triangle – which is usually a continuation pattern.
SHORT TERM TRADER: Small long at 1.3835; stop below 1.3780. Target 1.4100.
POSITION TAKER: Small long at 1.3775; stop below 1.3780. Target 1.4250.
EURO/US DOLLAR
Three little weekly doji type candles in a row have taken their toll on bullish momentum.
SHORT TERM TRADER: Small long at 1.2267; stop below 1.2250. Target 1.2500.
POSITION TAKER: Small long at 1.2270; stop below 1.2250. Target 1.2500.
GOLD
Such a bore as it continues to cling to horizontal support.
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.
