Yesterday afternoon the US Senate unanimously passed a bill, the ‘Hong Kong Human Rights and Democracy Act’, which now returns to the House before being sent to President Trump for approval. Retaliating this morning, China’s foreign ministry said in a statement that it ‘’strongly condemns and resolutely opposes’’ the act because it interferes with the mainland’s domestic affairs.
Major UK retail chains (which have 10 or more outlets) have shuttered 5834 branches in the first 9 months of this calendar year, up 77 per cent from 2018. Some 333 shops used a company voluntary arrangement, 708 folded into administration, and 4793 were part of a cost-cutting exercise. Based on data from the Centre for Retail Research, it also means that thousands of jobs have gone, maybe forever.
DAX 30
No longer overbought after yesterday’s decent gravestone doji. We may have found a new interim high.
SHORT TERM TRADER: Stopped out above 13325 but so cross I re-sold on yesterday’s close at 13200. Now using a stop above 13375 with a target at 12335.
POSITION TAKER: Square.
FTSE 100
Another index with a decent gravestone doji which probably marks a new interim high.
SHORT TERM TRADER: Short at 7370; stop above 7435. Target 7175.
POSITION TAKER: New short at 7300; stop above 7435. Target 7100.
S&P 500
A second consecutive doji candle at the top of a potential broadening top chart pattern suggests this extended rally to record highs might be waning.
SHORT TERM TRADER: Looking to sell, probably this week.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
Struggling because there isn’t enough momentum.
SHORT TERM TRADER: Small long at 1.2950; stop below 1.2765. Target 1.3350.
POSITION TAKER: Long at 1.2950; stop below 1.2750. Target 1.3350.
EURO/US DOLLAR
The MACD remains unconvincingly bearish - barely.
SHORT TERM TRADER: Short at 1.1050; stop above 1.1100. Target 1.0930.
POSITION TAKER: Square.
GOLD
The MACD is no longer bearish as prices are magnetically drawn to the 1480 level.
SHORT TERM TRADER: Short at 1520; stop above 1500. Target 1440.
POSITION TAKER: Short at 1507; stop above 1520. Target 1440.
