Trading with point and figure

[MichaelJohnFX]

dax into 10400 area
trend supp on our chart

Also looks to be "basing" out on candlestick. Could get 10500s today.

 

[Dentalfloss]

bouncing off our 6676 and 10400 areas
trendline break..it wants to get bullish

 

[Dentalfloss]

spx in a horizontal supp
if that dont hold
then others go with it

 

[Dentalfloss]

spx
needs to stay above 2127 area

2130 a suppp area aswell/
firts rez is 2135 AREA

 

[swissy]

FTSE hard work atm... very scrappy.

 

[Dentalfloss]

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

Today marks something of a hiatus in terms of the relatively schedule of data and events for the week as a whole, with the overnight India WPI featuring ahead of UK Unemployment and Average Earnings, US Import Prices and New Zealand Q2 GDP. Govt bond supply takes the shape of an as ever tiny EUR 1.0 Bln of 30-yr German Bund and £800 Mln of the 30-yr UK Index-linked Gilt; the EIA's oil inventories data completes the modest schedule, and follows a smaller than expected 1.4 Mln rise in the equivalent API data. On the policy side of the equation, the focus will be on EU Juncker's 'State of the Union' address as tensions continue to mount, and ahead of the EU summit on Friday. The proposed decision to slash EU funds to Eastern Europe to step up the EU's migration budget can only be said to be a variation on scorched earth policy, which ahead of an EU summit, whose purpose is to improve the EU's modus operandi post-Brexit, this looks to be an ugly case of gunboat diplomacy. Mr Juncker's contribution will probably be a much less worthy contribution to the debate on the future of the EU, than that of Mr Draghi yesterday: "Reviving the spirit of De Gasperi: working together for an effective and inclusive Union" - https://www.ecb.europa.eu/press/key/date/2016/html/sp160913.en.html. Market sentiment in 'riskier' assets continues to be spooked by the increasingly unavoidable impression that central banks' ultra-accommodative policies are running out of road, and have been rather ineffective outside of blowing bubbles, and further undermined the overnight NikKei reports that the BoJ may primarily be looking at a further cut in rates, and somewhat more flexible QQE parameters, when it meets next week. Steepening yield curves and the seemingly relentless rise in long-dated yields, led by 30-yr JGBs (see charts) continues to be the major feature, and the key concern in the short-term is that credit spreads are in many cases tightening, which seems inappropriate, particularly given seasonally elevated levels of primary issuance.


** U.K. - July/August labour data **
- It is to be hoped that the fad for deploying laughable levels of hyperbole and over-interpretation of incoming UK data post referendum is ebbing. Following on from marginally better (i.e.. lower) than expected inflation data yesterday, the focus turns to labour market, which it should be remembered is very much a lagging indicator. The July Claimant Count data were much better than expected at -8.6k, particularly given the downward revision to June, with August seen posting a marginal rise of 1.8K. As ever the Claimant Count data are rather more incidental to the ILO/LFS measures and Average Earnings, though these 3-mth measures will only cover one month post-referendum, and forecasts assume little if any impact from the referendum to be evident in today's readings, with the ILO Unemployment Rate seen unchanged at 4.9%, and FLS Employment to see an unchanged 171K rise. The breakdown between full-, part-time and self-employment gains will as ever require attention. As for Average Weekly Earnings there are some large base effects over the next couple of months, which will above all bear down on headline earnings, though also ex-Bonus, and this accounts for the expected slips to 2.1% and 2.2% y/y respectively from prior 2.4% and 2.3%, in other words this should not be constructed as downward pressure on wages, which may or may not emerge at a later stage.

from Marc Ostwald

 

[Dentalfloss]

FTSE hard work atm... very scrappy.

there is a decent downtrend on 15 second candles
with our 6670 area supp
bounces off that into minor rez and out

 

[Dentalfloss]

there is a decent downtrend on 15 second candles
with our 6670 area supp
bounces off that into minor rez and out

range is tightening

 

[Dentalfloss]

these seem to be decent inputs..if 2127 area on spx holds

 

[Dentalfloss]

6668 excellent
scalp long

 

[Dentalfloss]

spx updated
will that supp hold..??

 

[Dentalfloss]

into 6680 area
stops tightened

 

[Dentalfloss]

dax wants to pump or dump 10400
ftse 6683
spx 2131

 

[Dentalfloss]

and a pump
all 3 taken
tight stops

 

[Dentalfloss]

ftse..was in from our 6668
very tight stop now

 

[Dentalfloss]

stopped out on all 3
excellent run

 

[Dentalfloss]

missed a few...who cares

 

[Dentalfloss]

spx
needs to stay above 2127 area

2130 a suppp area aswell/
firts rez is 2135 AREA

wham..

 

[Dentalfloss]

pullback time..tight stops

 

[Dentalfloss]

ftse testing our 6704 pivot area
marked preopen