Market Outlook: Airlines avoid Iranian and Iraqi airspace

Today ex-Nissan president Carlos Ghosn holds an eagerly awaited press conference in Beirut. This follows his spy-thriller style escape from house arrest in Tokyo on December 29th. He denies all charges against him, and now Japanese authorities issued an arrest warrant for his wife Carole.

DAX 30

A shooting star candle yesterday has kept momentum bearish, though only marginally so. New EU Commission president Ursula Von der Leyen arrives at 10 Downing Street today for her first face-to-face meeting with PM Boris Johnson.   

SHORT TERM TRADER: Short at 13090; stop above 13475. First target 12885.

POSITION TAKER:  Square.

FTSE 100

A small potential rounded top since mid-December has kept the MACD bearish.

SHORT TERM TRADER:   Square.

POSITION TAKER:  Square.

S&P 500

Sudden slippage yesterday and a bearish engulfing candle has corrected the overbought situation. Watch out for US investment bank quarterly earnings next week.  

SHORT TERM TRADER: Small short at 3223; stop above 3265. Target 3100.

POSITION TAKER:  Square.

BRITISH POUND/US DOLLAR

Inching fractionally higher on general US dollar weakness rather than anything sterling-specific.

SHORT TERM TRADER:  Small long at 1.3075; stop below 1.2900. Target 1.3500.

POSITION TAKER:  Square.

EURO/US DOLLAR

The MACD is threatening to turn down after yesterday’s small bearish engulfing candle.

SHORT TERM TRADER:  Square.

POSITION TAKER:  Square.

GOLD

Surging again and still very overbought thus keeping part of the gap created this week. Interesting to see how this is one of the few markets feeling the full flack of political tensions.  

SHORT TERM TRADER:  Square.

POSITION TAKER:  Square.

Nicole Elliott is a long-standing member and Fellow of the Society of Technical Analysts and has taken over the IC’s trading coverage.  She is regularly interviewed and quoted by the financial media, is a conference speaker, and author of several books on charting.