Trading with point and figure

[Dentalfloss]

Mornin folks

 

[Dentalfloss]

Dow into the open
testing our support area

 

[Dentalfloss]

last signal was bearish

 

[Dentalfloss]

Close up

 

[Dentalfloss]

the move down is from trend rez to trend supp
nothing fancy

 

[Dentalfloss]

horizontal supp goes down to 24740 area

 

[Dentalfloss]

DAX
1 month of data

 

[Dentalfloss]

in theory...we should bounce

 

[Dentalfloss]

in theory...we should bounce

if that area holds

 

[Dentalfloss]

excellent stuff

 

[Dentalfloss]

Dow into the open
testing our support area

posted '7.49am

 

[Dentalfloss]

Ostwald, Marc
Attachments
09:18 (12 minutes ago)
to Marc

- Politics likely to continue to rule the roost - Brexit, Italy budget,
US China trade, US report on Khashoggi killing - RBA minutes and Lowe
speech to digest ahead of rash of BoE, ECB, BOC and Norges Bank speakers;
UK CBI Industrial Trends and US Housing Starts only items of note on
data schedule

- US Housing Starts: rebound likely after hurricane related slide in
September; NAHB drop flags weaker trend going forward

..........................................................................

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

Sadly the refrain 'it's all about politics' throwing other macroeconomic news under the proverbial bus applies once again. The data and events schedule is a little busier than Monday, with a rash of RBA, BoE, ECB, Norges Bank and BOC speakers and the RBA minutes accompanied by the UK CBI Industrial Trends survey and US Housing Starts, with the UK and Finland topping the run of govt bond auctions. While clearly subordinate to politics, today's UK CBI Industrial Trends is expected to see the key Orders measure remain in negative territory, though edge up from October's -6 to -5, which seems a little optimistic when considering the relatively sharp drop in the Manufacturing PMI and the hardly encouraging political backdrop. The US Housing Starts data follows on from yesterday's drop in the NAHB Housing Market Index to 60 from 68, which saw sharp falls across all key metrics - Current Sales 65 vs. Oct 74, Six Month Sales outlook 65 vs. 75 and Prospective Buyers 45 vs. 53 - overall the largest fall since February 2014, though as the attached chart attests, still at a good level by any historical standard. While that decline may have an impact on Starts going forward, today's Starts data will remain 'noisy' thanks to the impact of the hurricanes, with a 2.4% m/m bounce expected after September's -5.3%. Be that as it may, the NAHB attributed the fall in its index to the cumulative rise in house prices and mortgage rates, and it will be interesting to see if there is any spill-over into broader consumer surveys, and it does imply downside risks for the array of home sales data.


from Marc Ostwald

 

[Dentalfloss]

if that area holds

supp
area holding...so far

 

[Dentalfloss]

lining up

 

[Dentalfloss]

no sign of any buyers ...as yet

 

[Dentalfloss]

Ditto

 

[Dentalfloss]

bulls in with a chance

 

[Dentalfloss]

eurusd

 

[Dentalfloss]

OIL

 

[Dentalfloss]

possibly...a low in place