Hubei province, at the epicentre of the outbreak of the virus, reported a record 242 deaths from the virus overnight taking the total number of people who have died to 1,350. Beijing responded by sacking Jiang Chaoliang as head of the state and Ma Guoqiang as mayor of the city of Wuhan. Meanwhile over in Hong King the Financial Times reports that Zhang Xiaoming, top official for affairs in the island, has been replaced.
Reuters reports that the UK’s Financial Conduct Authority is investigating Barclays CEO Jes Staley over his business connections with disgraced and now dead Jeffrey Epstein. The board at the bank says it has full confidence that Mr Staley’s account is truthful and transparent.
DAX 30
Edging back from a new record high at 13800 yesterday despite bullish momentum increasing marginally.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
FTSE 100
Still struggling at the 7530 area with no momentum to speak of this month.
SHORT TERM TRADER: Short at 7470; stop above 7550. Target 7200.
POSITION TAKER: Square.
S&P 500
Bullish momentum easing fractionally despite inching to a new record high at 3382 yesterday; slightly worrying that it’s the second little doji in a row.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
Bullish momentum easing fractionally despite inching to a new record high at 3382 yesterday; slightly worrying that it’s the second little doji in a row.
BRITISH POUND/US DOLLAR
Inching up off the 1.2900 area and the commodity channel index is positive. Today PM Johnson reshuffles his cabinet, but let’s see whether he shrinks it to fit.
SHORT TERM TRADER: Long at 1.2970; stop below 1.2870. Target 1.3200.
POSITION TAKER: Square.
EURO/US DOLLAR
Tuesday’s little bounce just ahead of 1.0875, last year’s low, hasn’t stopped the slump of the euro even though it’s oversold.
SHORT TERM TRADER: Small long at 1.0920; stop below 1.0865. Target 1.1100.
POSITION TAKER: Square.
GOLD
Trying to rally but oscillators are holding it back.
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.
