Trading with point and figure

[Dentalfloss]

there is a pivot area in 9775 ..ish

 

[Dentalfloss]

R1 on spx at 2141..could cap it
S1 on cable...too low..imho

Morning all.

For SPX I have;

R3 - 2178
R2 - 2155
R1 - 2141
PP @ 2117
S1 - 2105
S2 - 2080
S3 - 2066

Don't trust the rises but aim to follow the crowd. Aiming for shorts around 2150s.


For GBPUSD I have;

R3 - 1.3153
R2 - 1.3085
R1 - 1.3015
PP - 1.2948
S1 - 1.2877
S2 - 1.2810
S3 - 1.2740

For cable looking at rises to reach for 1.30s and possibly attempt 1.32 breach, based on some positive noises.

Feeling bullish.

 

[Dentalfloss]

9800 rez
excellent

 

[Moneylender]

9800 rez
excellent

sharp drop down to 9750

 

[Dentalfloss]

** EVENTS PREVIEW **
********************

A busy week for US and Chinese economic data gets off to a relatively quiet start, with the focus on digesting the largely as expected China inflation readings and yet another contraction in Japanese Machinery Orders, with Norwegian CPI and the Fed's US Labour Market Conditions Index being the only other items of not in statistical terms, while Alcoa gets the US Q2 earnings season under way, and Eurozone Finance Ministers meet to discuss Spain and Portugal's budget woes, and Italy's banking sector bail-out proposals. It is ironic that financial markets, which once upon a time had little truck with political risk, outside of reaction (often fleetingly) to those that actually crystallized is now in many ways parlaysed by the current array, with the Brexit fall-out currently primus inter pares. The latter injury is only added to by the insult of current G7/Eurozone monetary policy parameters, which tighten the noose of financial repression in the name of stimulus, which offers few if any tangible benefits to the non-financial economy. It is in equal measure ironic that the decisive super-majority for Japanese PM Abe's coalition govt in the weekend Upper House election will doubtless prompt more of the same from the already failed policies of Abenomics (one Abe adviser suggesting a stimulus package of ca 4% of of GDP), while necessary fundamental and radical structural reforms will continue to be eschewed. Given that this week also sees th International Court ruling on the Philippines challenge to China’s claim to more than 80% of the South China Sea, any moves by Abe to try and change the Japanese constitution to remove the bars to "re-militarization" will need to be very closely monitored, with tensions already hihg in the region. The tragic farce that is being played out in the UK's two main political parties leaves a country desperately needing a firm hand at the tiller rudderless, with the concomitant inertia induced uncertainty likely to plough an ever deeper furrow of economic stall/decline, which will be difficult to decisively reverse, the longer that it persists. The latter leaves the burden of keeping the economy from derailing to the Bank of England. Carney's Treasury Select Committee hearing on the BoE's Financial Stability report accompanied by the FXC minutes tomorrow offer the initial points of focus, with the woes of Property Investment Fund sector set to dominate. Thursday is expected to see UK Base Rate cut by 25 bps to 40 bps, the first cut since March 2009. The MPC will doubtless underline that it will look to deliver further measures at the August Inflation Report meeting, contingent on the initial indications about the economy since the June 23 Referendum, as well as developments in the UK financial sector, but primarily of a "credit easing" nature, this perhaps more of the 'targeted' FLS variety than via a boost to its APF (QE) volume.

The week's statistical schedule is dominated by China; Q2 GDP, Trade Balance, Monetary Aggregates, Retail Sales, Industrial Production and Fixed Asset Investment; and the U.S. - Retail Sales, CPI, PPI, Import Prices, Industrial Production, JOLTS job openings, NFIB Small Business Optimism and Treasury Budget. The US will likely dominate issance, with total $68 Bln of 3, 10 & 30-yr Treasuries and corporate issuance seen anywhere between $20 Bln and $40 Bln, while Germany sells a new 10-yr, and the UK offers conventional 2060 and Index-Linked 2026 Gilts. On the policy side of the equation, Canada's BoC, South Korea's BoK and Malaysia's Bank Negara are all expected to keep rates unchanged, and there will also be plenty of Fed speakers of all hues on tap. In the energy sector, there will be monthly oil market reports from OPEC, IEA and EIA, as well as national output statistics from Saudi Arabia and Nigeria amongst others.

From Marc Ostwald

 

[Moneylender]

need to find supp here or its 9700 next stop!

 

[Dentalfloss]

straight back down to our 9736 supp and retest our 2133
hummer

 

[Dentalfloss]

ATILLAS ..cable s1
ecxellent

 

[Atilla]

Talk .25 base rate cut from Carney likely to test 1.28 and below...

Not so bullish on cable anymore... :-0

Positive on FTSE though. Low pound low rates. Xmas has arrived early.

Carney the man with the plan to save us all.

 

[Dentalfloss]

2133..poss break
then 2131.65 area

 

[Dentalfloss]

2133..poss break
then 2131.65 area

whammo...
took the dax with it

 

[Dentalfloss]

:smart::smart::smart::smart:Atiila..right about negative on cable

 

[Dentalfloss]

2133..poss break
then 2131.65 area

posted 7 minutes before the plummet

 

[Dentalfloss]

dax 1 minute updated

 

[Dentalfloss]

9656 area next supp..if 9685-9700 area breaks

 

[Dentalfloss]

spx

 

[Moneylender]

9656 area next supp..if 9685-9700 area breaks

9700 held for the moment, might bounce back to 750

 

[Dentalfloss]

cable pumpin..finally

 

[Moneylender]

9760 is Red trend line will it hold?

 

[Dentalfloss]

poss knock back at 2137