Published by Commonwealth Bank today – not Westpac which is in the middle of a money laundering scandal – November Purchasing Manager’s indices dropped from October’s readings. The services and composite readings were 49.5, and have been zig-zagging either side of 50 all this year; the manufacturing reading, at 49.9, is a new record low.
Hopefully all of Hong Kong’s 4.13 million voters will manage to get to the polls this Sunday as they get to choose who runs their 18 district councils. These lower governmental bodies run local services for a 4-year term. This will be the first election of any kind since the pro-democracy demonstrations started months ago, and is a barometer to gauge public sentiment about the unrest unleashed.
DAX 30
Yesterday’s little hammer style doji didn’t prevent momentum from turning bearish.
SHORT TERM TRADER: Short at 13200; stop above 13375 with a target at 12335.
POSITION TAKER: Square.
FTSE 100
Another doji yesterday yet it didn’t prevent the MACD becoming a tad more bearish.
SHORT TERM TRADER: Short at 7370; stop above 7435. Target 7175.
POSITION TAKER: Short at 7300; stop above 7435. Target 7100.
S&P 500
A dragonfly doji yesterday didn’t prevent bullish momentum waning even further.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
Dragonfly doji here too helping to inch bullish momentum up half a notch, keeping prices just on top of the top of the pennant chart pattern.
SHORT TERM TRADER: Small long at 1.2950; stop below 1.2800. Target 1.3350.
POSITION TAKER: Long at 1.2950; stop below 1.2750. Target 1.3350.
EURO/US DOLLAR
The MACD is no longer bearish as prices hover around Fibonacci 38 per cent retracement support. Today the ECB’s Lagarde speaks at a banking conference in Frankfurt and some banking analysts are hoping that her political experience will come to the rescue of the beleaguered business.
SHORT TERM TRADER: Short at 1.1050; stop above 1.1100. Target 1.0930.
POSITION TAKER: Square.
GOLD
Turning down as what had been support at 1480 becomes resistance.
SHORT TERM TRADER: Short at 1520; stop above 1500. Target 1440.
POSITION TAKER: Short at 1507; stop above 1520. Target 1440.
