The Trader 

Market Outlook: APEC Summit descends into chaos

The Trader

Host nation Papua New Guinea accused Chinese officials of bullying, so that yesterday the Asia-Pacific Economic Cooperation meeting was unable to come to any agreement on trade. This followed a stinging verbal attack between US Vice President Mike Pence and China’s President Xi Jinping the previous day. All eyes now on Argentina’s G20 meeting November 30th to 1 December.

South African President Ramaphosa is planning to amend the constitution to allow for the expropriation of land without compensation. On Thursday, the Joint Constitutional Review Committee voted to allow this move to go ahead – before moving on to both houses of Parliament. This is unlikely to get done before May’s tabled general election.

DAX 30

Triangle consolidation under the neckline of a massive head and shoulders top continues, adding little to the technical picture.

 

SHORT TERM TRADER: Short at 11200; stop above 11600. Target 10400.

 

POSITION TAKER:  Short; stop above 11755. Next target at 10700.

FTSE 100

Everything’s just sort of stopped, rather like Brexit, with the index consolidating around the psychological 7000 area for a fifth consecutive week.

 

SHORT TERM TRADER:   Short at 7080; stop above 7200.  First target 6865.

 

POSITION TAKER:  Short at 7095; stop well above 7200. First target 6900.

S&P 500

A sort of a hanging man candle last week while holding well above trend line support. Careful this week as Thursday’s Thanksgiving in the US and is followed by Black Friday when retailers gear up for the mad rush.

 

SHORT TERM TRADER:  Small short at 2798; stop above 2825. Target 2630.

 

POSITION TAKER:   Square.

BRITISH POUND/US DOLLAR

Despite all the Brexit hullabaloo cable is in the same range as it’s been for four weeks and where it was at the beginning of August.

 

SHORT TERM TRADER:  Square.

 

POSITION TAKER:  Square.

EURO/US DOLLAR

Clawing its way back up inside the narrow range that’s held since late May. The UK’s Competition and Markets Authority has launched an investigation into alleged anti-competitive practices and a suspected cartel in the bond market.

 

SHORT TERM TRADER:  Small long at 1.1345; stop below 1.1300. Target 1.1500.

 

POSITION TAKER:  New long at 1.1420; stop below 1.1200. Target 1.1700.

GOLD

Bouncing from trend line support.

                            

SHORT TERM TRADER:  Stopped out of my short position on Friday’s strong close, taking a small profit form a rather tedious trade.

 

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.

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