Reuters reports that once again President Trump said he was ‘not thrilled’ with Fed Chairman Jerome Powell, nominated to the job by Mr Trump, because he had raised interest rates. This just ahead of the Thursday/Friday informal meeting of central bankers in Jackson Hole, Wyoming. Saying, ‘’I should be given some help by the Fed’’, he vowed to continue his criticism if the Fed continued to raise rates. In the same interview yesterday he said China and the EU were manipulating their currencies, adding that he wasn’t concerned about how his newly imposed trade tariffs might affect Europe’s economy.
Data collated by UK Citizens’ Advice estimate that British households owe £19 billion in unpaid utility bills, council taxes and parking fines. They have called for stricter guidelines to curb the often intimidating actions of bailiffs.
DAX 30
Yesterday’s little bounce means the MACD is less bearish; the market however remains at the lower end of this year’s range.
SHORT TERM TRADER: Short at 12635; stop above 12650. Target 12200.
POSITION TAKER: Square.
FTSE 100
The MACD is still bearish even though prices are back in the middle of the trend channel following Wednesday’s attempt at its lower edge.
SHORT TERM TRADER: Square.
POSITION TAKER: Small short at 7799; stop well above 7800. First target 7400, then 7100.
S&P 500
Stopped with a tiny doji yesterday just pips from the record high. There has, however, been a shift towards more defensive stocks.
SHORT TERM TRADER: Short at 2795; stop above 2880. Target 2600.
POSITION TAKER: Short at 2805; stop above 2900. Target 2555.
BRITISH POUND/US DOLLAR
Basing activity last week has formed a little rounded bottom (to be completed on a daily close above 1.2830) and the commodity channel index confirmed a buying opportunity on yesterday’s close.
SHORT TERM TRADER: Small long at 1.2740; stop below 1.2650. Target 1.3000.
POSITION TAKER: Square.
EURO/US DOLLAR
Another currency trying to put in an interim base, the commodity channel index suggesting going long on yesterday’s close and a rally this morning to test the lower edge of the symmetrical triangle that had dominated since May.
SHORT TERM TRADER: Small long at 1.1420; stop below 1.1400. Target 1.1600.
POSITION TAKER: Square.
GOLD
No longer oversold as we correct part of last week’s losses.
SHORT TERM TRADER: Square.
POSITION TAKER: Short at 1242; stop above 1200. Target 1140.
