Retail analyst Springboard released data today that we might have guessed at already. A freezing March saw footfall across the UK drop 6 per cent, while rain in April resulted in a 3.3 per cent decline. For comparison, it dropped by 3.8 per cent at the end of the 2009 recession. Not a single region in the country saw a rise in footfall and London did less badly over these two months falling by just 2.4 per cent.
On the other hand they hit the nightclub scene. A survey by nightclub operator Deltic out today noted that consumer spending on nights out was up 6.9 per cent, said the 2,300 people who took part. Just over half (56.4 per cent) are going out at least weekly, rising to almost 70 per cent among 18-30 year olds. The pub was still the most popular place to unwind from the stresses of the day, reports City AM.
DAX 30
Rallying for a seventh consecutive week so that it’s marginally higher than where we were this time last year. Bullish momentum is not what it could be and we are still within retracement territory from the record high.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
FTSE 100
Another index that’s rallied for seven consecutive weeks and is within a hair’s breadth from the record high.
SHORT TERM TRADER: Stopped out of my short on the squeeze above 7700.
POSITION TAKER: Square.
S&P 500
A strong rally last week yet the MACD remains bearish, the old trend line is still capping, and we have retraced a Fibonacci 61 per cent of the drop from the record high.
SHORT TERM TRADER: Stopped out of my short on this morning’s little squeeze higher.
POSITION TAKER: Stopped out here too.
BRITISH POUND/US DOLLAR
Last week’s dragonfly doji mirrors that one on Thursday, adding to a picture of a market trying to form an interim base. This is against Fibonacci 38 per cent retracement support and the 50-day moving average.
SHORT TERM TRADER: Long at 1.3545; stop below 1.3400. Target 1.4100.
POSITION TAKER: Small long at 1.3565; stop below 1.3400. Target 1.4300.
EURO/US DOLLAR
The strong weekly hammer candle adds weight to the morning star three-candle chart pattern on the daily chart. It managed a close just above the 50-day moving average (which is still well above the 100-day one) at a Fibonacci 61 per cent retracement support level. This should help prices rally again this week.
SHORT TERM TRADER: Long at 1.1910; stop below 1.1800. Target 1.2200.
POSITION TAKER: Long at 1.1910; stop below 1.1790. Target 1.2300.
GOLD
Another slightly half-hearted attempt at a rally from the pivotal 1310 area.
SHORT TERM TRADER: Tiny long at 1307; stop a bit below 1310. Target 1330.
POSITION TAKER: Long at 1320; stop below 1300. Target 1350.
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.
