Data from the Office for National Statistics yesterday showed that non-UK born citizens living in Britain rose by 3 per cent to 9.4 million; the non-British population increased by 4 per cent to 6.2 million. Poland is the most common place of birth for those living here, and Romanians were the fastest expanding nationals in this segment. Five London boroughs have the highest concentration of non-UK born people, city-wide it accounts for 24 per cent of non-British nationals and 38 per cent of non-UK born citizens.
Data this morning show that once again Japan is nowhere near hitting its 2 per cent inflation target. The Tokyo area, which releases its figures a month ahead of the nation’s, saw consumer prices rise by 0.4 per cent in the year to May, with the CPI excluding fresh food and energy growing at just 0.2 per cent. Both were down a pip from April’s measures.
DAX 30
Slipping through trend line support and if we trade lower again today we will have the three black crows candlestick combination on the chart. The weekly chart might also have a bearish engulfing candle, backing up momentum which yesterday turned bearish.
SHORT TERM TRADER: Tiny short at 13145; stop quite a bit above 13200. Target 12400.
POSITION TAKER: Might re-sell depending on today and Friday’s close.
FTSE 100
Dipping to trend line support after the three-candle evening star pattern, and no longer overbought. If we trade lower again today we’ll have three black crows, like the Dax might have – formations which back each other up.
SHORT TERM TRADER: Tiny short at 7855; stop well above 7900. Target 7400.
POSITION TAKER: Small short at 7799; stop well above 7900. First target 7400.
S&P 500
Another pathetic little hanging man candle and zero momentum.
SHORT TERM TRADER: Short at 2725; stop above 2755. Target 2625.
POSITION TAKER: Small short at 2720; stop above 2755. Target 2620.
BRITISH POUND/US DOLLAR
More oversold than it has been since October 2016, not helped by comments yesterday evening at Bloomberg Headquarters from Bank of England governor Mark Carney.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
EURO/US DOLLAR
Another currency that’s oversold, all too often blamed on interest rate differentials. Tell that to the Turkish who this week raised their key interest rate by 300 basis points to 16.5 per cent – and even then it hasn’t stemmed the lira’s slide.
SHORT TERM TRADER: Long at 1.1795; stop well below 1.1700. Target 1.2150.
POSITION TAKER: Square.
GOLD
Momentum is still bearish even after yesterday afternoon’s short squeeze. Precious metals are close to or testing some long-term key support levels and we’ll see how things stand at the end of this week and this month.
SHORT TERM TRADER: Short at 1292; stop quite a bit above 1300. First target 1240.
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.
