Data released on Friday showed India, which had been the world’s fastest expanding large economy, saw GDP growth slow to 4.5 per cent in Q3 2019, from 5 per cent in Q2 2019 and 8.1 per cent in Q1 2018. The Financial Times reports that the crisis in the shadow-banking sector has rippled through other areas of the economy and killed off the boom in consumer spending generated by easy credit. Government officials predict an improvement in economic conditions in Q4.
Today representatives from 200 different countries meet in Madrid for a UN climate change summit. NATO leaders start a 2-day meeting in London, giving President Trump a chance to catch up with his mate Boris Johnson. Later this week OPEC meets in Vienna, just in time for the Saudi Aramco partial flotation. I mean, haven’t these people heard of video conferencing?
DAX 30
November managed almost the strongest ever monthly close, testament to strong bullish momentum generated by October’s rally.
SHORT TERM TRADER: Short at 13200; stop above 13375 with a target at 12335.
POSITION TAKER: Square.
FTSE 100
Trading at the same sort of levels we were at in early 2017 and the MACD has been bearish since the start of 2018.
SHORT TERM TRADER: Short at 7370; stop above 7445. Target 7175.
POSITION TAKER: Short at 7300; stop above 7435. Target 7100.
S&P 500
Not yet overbought even as it settles above the top of the potential broadening top chart pattern in holiday-thin trading. According to CNBC the Dow Jones Industrial Average would be 1100 points lower than where it settled on Friday because Apple and Microsoft alone are responsible for $819 billion in market cap this year.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
The monthly candles underscore that this currency pair has been working in a flag chart pattern with the tiniest of ranges in November – because bullish momentum is so low.
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
On the monthly chart momentum hasn’t been bullish for 18 months.
SHORT TERM TRADER: Short at 1.1050; stop above 1.1100. Target 1.0930.
POSITION TAKER: Square.
GOLD
Today I hear that G4SI was responsible for this year repatriating Polish gold held for decades at the Bank of England. Looking at the chart you’d be forgiven for thinking precious little has been going on in the bullion market.
SHORT TERM TRADER: Short at 1520; stop above 1500. Target 1440.
POSITION TAKER: Short at 1507; stop above 1520. Target 1440.
