Heey traders!
I’m finally back after two weeks of vacation. I had a wonderful time with my family and friends, and now I’m just getting back into the market. It will take me a few days to catch up on everything I missed, but here’s what is clear so far: stocks are back in risk-on mode!
After some initial recession fears spurred by the NFP report showing higher unemployment (4.3%) at the start of the month, stocks have bounced back up as last week’s retail sales data indicates the economy isn’t as bad as feared. CPI figures have also helped stabilize the markets, and with the FED potentially closer to cutting rates in September, the stock market may continue higher.
I will keep an eye on wave 4 on SPX, and that’s also when dollar can be sold across the board, hopefully from higher/better levels. Metals are also looking good, pointing higher. Cryptos made some rebound as well, and possibly there is more to come if stock remains stable.
Grega
![sp500](https://editorial.fxstreet.com/miscelaneous/sp-638596781865028403.png)
For a detailed view and more analysis, you may want to watch below our latest recording of a live webinar streamed today on August 19 2024:
By using Wavetraders website, any services, products, and content contained here, you agree that use of our service is entirely at your own risk. You understand that there is a very high degree of risk involved in trading on the markets. We assume no responsibility or liability for your trading and investment results. The charts, and all articles published on www.wavetraders.com are provided for informational and educational purposes only!
By using the information and services of www.ew-forecast.com you assume full responsibility for any and all gains and losses, financial, emotional or otherwise, experienced, suffered or incurred by you.
Recommended Content
Editors’ Picks
AUD/USD: The hunt for 0.6800
![AUD/USD: The hunt for 0.6800](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/AUDUSD/hundred-bucks-3645622_XtraSmall.jpg)
AUD/USD extended its strong uptrend and reclaimed the area beyond the key 0.6700 barrier to print fresh five-week highs ahead of the release of the RBA Minutes.
EUR/USD clinches 2024 highs and retargets 1.1100
![EUR/USD clinches 2024 highs and retargets 1.1100](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/EURUSD/world-currencies-53475296_XtraSmall.jpg)
EUR/USD rose to levels last seen in late December 2023 and approached the key 1.1100 hurdle, always on the back of the incessant selling pressure in the US Dollar prior to the FOMC Minutes and Powell’s speech at Jackson Hole.
Gold stable above $2,500 and looking for fresh record highs
![Gold stable above $2,500 and looking for fresh record highs](https://editorial.fxstreet.com/images/Markets/Commodities/Metals/Gold/gold-bars-50657756_XtraSmall.jpg)
The persevering sell-off in the greenback, coupled with lower US yields and hopes of an interest rate cut by the Fed in September, all prompt Gold prices to dispute their record high past the $2,500 mark per ounce troy.
XRP Ledger transactions dropped to nearly a sixth of their value this year
![XRP Ledger transactions dropped to nearly a sixth of their value this year](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/Coins/Ripple/Ripple_Watch_XtraSmall.jpg)
Ripple trades at $0.5833 on Monday as the altcoin extends gains and recovers from the crypto market crash in early August. The Ripple stablecoin announcement, the Securities & Exchange Commission vs. Ripple lawsuit ruling and recent research reports published by SBI-owned HashHub are the key market movers for the altcoin this week.
International economic outlook
![International economic outlook](https://editorial.fxstreet.com/images/Macroeconomics/Countries/dotted-world-map-and-businessman-gm468917358-62044988_XtraSmall.jpg)
We have not made material forecast changes to our economic or inflation outlooks. This month, we continue to forecast 2024 global GDP growth of 2.9% and global CPI inflation of 3.6%. In the United States, we maintain our view for a “soft landing” although acknowledge that recession risks are rising.
Moneta Markets review 2024: All you need to know
![Moneta Markets review 2024: All you need to know](https://editorial.fxstreet.com/images/IT/Testing/Review/FXSBadgeCertifiedBackg_XtraSmall.png)
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.