Stock Market Report S&P 500, NASDAQ 100, RUSSELL 2000, DAX 40, FTSE 100, ASX 200. Elliott Wave Technical Analysis
Elliott Wave Update: Jobless Claims Thursday. Current Elliott wave ii) correction incomplete but anticipated to finish soon. Concerns of SP500 and Nasdaq being dragged down, risking Wave ii) correction to 5000 and 18,000 respectively. Waiting for potential long trade setup late Thursday or Friday morning. Overall bullish trend intact; aiming to buy new highs to capture upside potential indicated by big tech stocks. Patience is key.
Video Chapters
00:00 SP 500 (SPX)
07:04 NASDAQ (NDX)
11:44 Russell 2000 (RUT)
14:26 DAX 40 (DAX)
17:35 FTSE 100 UKX (UK100)
18:33 ASX 200 (XJO)
21:55 End
Analyst Peter Mathers TradingLounge™ Australian Financial Services Licence - AFSL 317817
Source: tradinglounge com
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Editors’ Picks
EUR/USD lurches higher after US data dumps Greenback
EUR/USD found a leg up on Wednesday, climbing briefly above the 1.0800 handle after a broad miss in US economic figures hinted at further signs of a weakening US economy, sparking fresh hopes for an accelerated pace of rate cuts from the Federal Reserve and markets flowing out of the safe haven US Dollar.
GBP/USD extends rally toward 1.2800 as USD selloff continues
GBP/USD continues to push higher toward 1.2800 and trades at its highest level since mid-June on Wednesday. The disappointing ISM Services PMI data from the US weighs heavily on the US Dollar and allows the pair to target new multi-week tops.
Japanese Yen depreciates to fresh 38-year lows
The USD/JPY pair reaches a fresh 38-year high of 161.91.The Jibun Bank Japan Services PMI was revised downward to 49.4 in June, marking a reversal from May's 53.8. The US Dollar edges higher due to a recovery in yield on a 2-year Treasury bond.
Editors’ Picks
AUD/USD stands tall just below its highest level since January touched on Wednesday
The AUD/USD pair holds above the 0.6700 mark during the Asian session on Thursday. The Australian Dollar continues to draw support from the upbeat domestic Retail Sales data released on Wednesday, which strengthened the case for a rate hike by the Reserve Bank of Australia.
EUR/USD lurches higher after US data dumps Greenback
EUR/USD found a leg up on Wednesday, climbing briefly above the 1.0800 handle after a broad miss in US economic figures hinted at further signs of a weakening US economy, sparking fresh hopes for an accelerated pace of rate cuts from the Federal Reserve and markets flowing out of the safe haven US Dollar.
Gold price remains supported by rising September Fed rate cut bets
Gold price oscillates in a narrow band during the Asian session on Thursday. The softer US economic data released on Wednesday pointed to a slowing labor market and economic momentum, which lifted bets for an interest rate cut by the Federal Reserve in September.
What to expect from altcoins as ETH ETF approval draws closer
As the crypto market continues consolidating on Wednesday, altcoins show mixed signals ahead of the spot ETH ETF launch. Many have predicted that the alt season may not occur in this cycle following the market lull. However, two key metrics suggest otherwise.
Could the post-UK elections market moves resemble 1997 and 2010?
Thursday's UK elections expected to bring political change. Similar developments in both 1997 and 2010 weighed on the Pound. History points to a significant easing in Pound volatility across the board. Recent FTSE 100 performance matches the 2015 pre-election moves.
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