Incumbent President Pedro Sanchez led left-leaning Socialists to victory in yesterday’s general election – one of the most hotly contested since returning to democracy in the 1970s. Claiming ‘’social democracy has a great future. We will form a pro-European government’’ - for which he needs one or two coalition partners. Some are suggesting the only reason he managed as many votes as he did was in reaction to the fear that the far-right would win over many more voters. Vox, the party furthest to the right, did in fact manage seats in parliament (24 and 10 per cent of the vote) for the first time ever.
Reuters reports two US navy warships sailed through the Taiwan Strait yesterday despite opposition from China and support from Taipei. Commander Clay Doss, spokesman for the navy’s 7th fleet said, ‘’the ships’ transit through the Taiwan Strait demonstrates US commitment to a free and open Indo-Pacific’’.
DAX 30
The commodity channel index continues to flash a warning but hasn’t turned down decisively yet.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
FTSE 100
Bullish momentum dropped suddenly on last week’s outside candle (body and height bigger than the previous week). Stalling at similar retracement area as the Dax.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
S&P 500
Still overbought but media all happy with the Nasdaq and S&P 500 settling at new record highs on Friday. Don’t know about you but I can’t seem to see this on this particular chart. Too tiny for words.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
Endless struggle under the weekly Ichimoku cloud as we remain at the sort of levels we got used to since last summer.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
EURO/US DOLLAR
The lowest weekly close since 8 May 2017 yet there is precious little momentum in any direction as the slide has been so very slow.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
GOLD
Bearish momentum has been maintained despite managing to hold above trend line support.
SHORT TERM TRADER: Short at 1283; stop above 1290. Next target 1260.
POSITION TAKER: Short at 1292; stop above 1290. Target 1185.
