Stock market Indices overview
S&P 500, NASDAQ 100, RUSSELL 2000, DAX 40, FTSE 100, ASX 200.
Featuring Elliott Wave Technical Analysis
Today, we are taking a balanced view of the short and medium-term bearish and bullish cases for these indices. Currently, the indices are in a Wave 4 correction, which can manifest in any of the dozen different types of Elliott Wave correctional patterns. Therefore, our analysis will be based on the evidence of current patterns and their potential outcomes.
It's possible that the Wave 4 correction could be complete, though there's no conclusive evidence yet. We can prepare for long trades if favorable setups appear. Otherwise, we should expect another low. Thursday's trading may not clarify the next direction, so we are looking towards Friday morning's session for more definitive signals. If Friday is bullish, the pattern suggests a bullish trend; if bearish, we may see another low. For now, patience is key as we await clearer signals.
Video chapters
00:00 SP 500 (SPX).
15:30 NASDAQ (NDX).
18:58 Russell 2000 (RUT) IWM ETF.
19:54 DAX 40 (DAX).
27:11 FTSE 100 UKX (UK100).
33:30 S&P/ASX 200 (XJO).
41:48 End.
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Editors’ Picks
EUR/USD trims early gains and hovers around 1.0920 ahead of US data
EUR/USD trimmed early gains and trades just above its daily opening in the European session on Thursday. Market participants await United States macroeconomic data and Fedspeak for near-term guidance in an otherwise sentiment-driven environment.
USD/JPY recovers above 146.00 amid risk aversion
USD/JPY has trimmed losses to regain 146.00 in European trading on Thursday. BoJ's hawkish Summary of Opinions and a risk-off market mood continue to underpin the Japanese Yen, checking the upside attempts in the pair. The focus shifts to US employment data.
Gold price steadies on Middle East conflict, firm Fed rate-cut prospects
Gold’s price (XAU/USD) slightly recovers from a two-day low of $2,380 in Thursday’s European session. The precious metal continues to hold ground due to expectations that the Fed will start reducing interest rates from the September meeting.
Bitcoin price poised for a potential relief rally before continuing its current downtrend
Bitcoin's (BTC) price is recovering from initial weekly losses after a 7% drop on Monday, trading 3.8% higher at $57,245 at the time of writing on Thursday.
Blaring the bear market siren
The market may long for a peaceful passage, but we're gearing up for what looks to be more akin to a rollercoaster expedition. Prepare for a potentially "Turbulent Thursday" and brace for what might become a "Frantic Friday."