The Ministry of Commerce in Beijing ‘deeply regrets’ the American decision to increase tariffs on $200 billion of exports to 25 per cent; goods shipped before midnight yesterday will continue at the 10 per cent rate. They added, ‘[it] hopes the United States can meet China half-way, make joint efforts, and resolve the issue through cooperation and consultation’, vowing to ‘take necessary countermeasures’.
For the first time ever, four English football teams will play in the finals of the Champions League and Europa League, the top international championships in Europe. They will fight it out in Baku on the 29th May and Madrid the 1st June. Chelsea manager Maurizio Sarri said, ‘’in England the level is very high and the Premier League is the best championship in Europe’’.
DAX 30
Still holding above the 11800-12000 area, the neckline of the massive head and shoulders that’s been building since early 2017. The MACD this month is now clearly bearish and a close tonight below 12000 might add to as yet weak bearish momentum.
SHORT TERM TRADER: Will sell at today’s close if it settles clearly below 12000.
POSITION TAKER: Square.
FTSE 100
The MACD has been negative since just before this year’s high as we consolidate above Fibonacci 38 per cent retracement support at 7140.
SHORT TERM TRADER: Short at 7245; stop above 7400. Target 7020.
POSITION TAKER: Might sell on today’s close.
S&P 500
Another index where the MACD has been marginally bearish since mid-April with a hanging man candle yesterday (above Fibonacci 21 per cent retracement support, mind you) adding a little to bearish momentum. Car-sharing company Uber has its IPO today, share price at the lower end of expectations, possibly to avoid the sorry fate of its rival Lyft where prices have remained stuck below March’s IPO.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
A dragonfly doji yesterday hints that horizontal support at 1.2970 might hold.
SHORT TERM TRADER: Long at 1.3040; have adjusted my stop to below 1.2960. Target 1.3300.
POSITION TAKER: Square.
EURO/US DOLLAR
Price and momentum picking up at last, and perhaps it might be in a position to challenge trend line resistance later today.
SHORT TERM TRADER: Long at 1.1190; stop below 1.1140. Target 1.1400.
POSITION TAKER: Square.
GOLD
Complete waste of time. Commodity channel index now testing 100; let’s see what happens next.
SHORT TERM TRADER: Short at 1283; stop above 1290. Next target 1260.
POSITION TAKER: Short at 1292; stop above 1290. Target 1185.
