Data released in Tokyo this morning showed that the outlook for September’s Economy Watchers Survey dropped from 39.7 to 36.9 over the month. This is the lowest its been in a while and the weakest since 2009; keep in mind that the record low for this series was 21.2 in December 2008. This mirrors sentiment data from the EU published last week.
Published yesterday by the British Retail Consortium, UK September retail sales were the worst on record. They declined by 1.7 per cent on a like-for-like basis over the year, total sales falling by 1.3 per cent, the fourth negative reading since March. Online sales of non-food items saw their slowest growth since records began in 1995.
DAX 30
Holding quite happily above 50 per cent retracement support despite bearish momentum.
SHORT TERM TRADER: Short at 12365; stop above 12275. Target 11635.
POSITION TAKER: Short at 12350; stop above 12400. Target 11425.
FTSE 100
Holding just above the lows of the last 2 months despite a bearish MACD and Westminster meets Extinction Rebellion.
SHORT TERM TRADER: Small short at 7140; stop above 7275. Target 7025.
POSITION TAKER: Square.
S&P 500
A small shooting star candle yesterday against the important 2960 chart level hints at an interim high. As President Trump pulls US troops out of Syria, setting up for a potential Turkish attack on Kurdish forces there, he Tweeted yesterday: ‘’just to reiterate, if Turkey does anything that I, in my great and unmatched wisdom, consider to be off limits, I will totally destroy and obliterate the Economy of Turkey (I’ve done before!)’’
SHORT TERM TRADER: Small short at 2945; stop above 2965. Target 2820.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
Muted reaction seeing as the EU and UK have started ramping up the no-deal blame game.
SHORT TERM TRADER: Small long at 1.2290; stop well below 1.2200. Target 1.2500.
POSITION TAKER: Square.
EURO/US DOLLAR
Infinitesimally small daily trading ranges.
SHORT TERM TRADER: Small long at 1.0970; stop below 1.0880. Target 1.1100.
POSITION TAKER: Square.
GOLD
Momentum is still bearish as we look set to re-test the 1485 area.
SHORT TERM TRADER: Short at 1520; stop above 1535. Target 1440.
POSITION TAKER: Short at 1507; stop above 1560. Target 1440.
