Reuters reports that today Polish Supreme Court Chief Malgorzata Gersdorf (65) was back in court saying, ‘my presence here is not about politics, I am here to protect the rule of law’. She believes that recent legislation pushed through by the ruling Law and Justice party (PiS) to force more than a third of Supreme Court judges to retire is unconstitutional. The Polish government is already under pressure from the European Commission, facing the potential loss of voting rights, over changes to the judiciary.
Fourth of July and a US Independence Day holiday marking the start of the summer driving season. This is the time when gasoline prices matter most as American citizens criss-cross the country in their cars visiting relatives and vacationing all over the place.
DAX 30
Clearly looking for direction with a shooting star yesterday following Monday’s hammer candle. The MACD is still clearly bearish.
SHORT TERM TRADER: Square.
POSITION TAKER: Short at 12550; stop well above 12465. Target 11900.
FTSE 100
Price action yesterday largely an irrelevance despite looking like a tiny shooting star candle.
SHORT TERM TRADER: Short at a couple of levels; stop above well 7710. Target 7400.
POSITION TAKER: Small short at 7799; stop well above 7800. First target 7400, then 7100.
S&P 500
A shooting star candle with a slightly lower high has maintained bearish momentum and might set up for a downside test of trend line support today.
SHORT TERM TRADER: Might sell on a daily close clearly below 2690.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
Momentum turned up a tiny bit yesterday suggesting an interim low might be in place.
SHORT TERM TRADER: Tempted to try a small long position but worried Chequers might be another bloodbath.
POSITION TAKER: Square.
EURO/US DOLLAR
A messy sort of triple bottom above 1.1500 might be in the making but will only complete on a close above 1.1800.
SHORT TERM TRADER: Long at 1.1655; stop below 1.1500. First target 1.1850.
POSITION TAKER: Square.
GOLD
Bearish momentum dropped dramatically on this week’s little bounce.
SHORT TERM TRADER: Think I will re-sell as close to 1280 as I can.
POSITION TAKER: Square.
Nicole Elliott is a long-standing member and Fellow 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.
