Stock Market Report S&P 500 - NASDAQ 100 - RUSSELL 2000 - DAX 40 - FTSE 100 - ASX 200. Elliott Wave Analysis
Summary: Quadruple witching 15 September four major derivatives contracts expire simultaneously.
Bullish bias develops further in leading stocks and US sectors. The UK markets have broken out of a larger Triangle pattern. This breakout could indicate a shift in market dynamics, potentially favoring bullish trends. Elliott Wave analysts will closely monitor this development to gauge its sustainability and potential impact on trading strategies.
Crafting effective trading strategies
To navigate the current market corrections effectively, traders are advised to consider the following strategies:
a. Smaller Positions on the Long Side: Given the prevailing bullish bias, consider smaller positions when entering long trades. This approach can help manage risk while capitalizing on potential upward movements.
b. Alignment with Leading Tech Stocks: As mentioned earlier, the markets are expected to continue edging higher in line with leading tech stocks. Align your trading strategies with this trend to maximize profit potential.
Video chapters
00:00 SP 500 (SPX).
10:58 US Sectors.
16:55 NASDAQ (NDX).
20:36 Russell 2000 (RUT).
22:23 DAX 40 (DAX).
26:05 FTSE 100 UKX (UK100).
27:57 ASX 200 (XJO).
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EUR/USD treads water just above 1.0400 post-US data
Another sign of the good health of the US economy came in response to firm flash US Manufacturing and Services PMIs, which in turn reinforced further the already strong performance of the US Dollar, relegating EUR/USD to the 1.0400 neighbourhood on Friday.
GBP/USD remains depressed near 1.2520 on stronger Dollar
Poor results from the UK docket kept the British pound on the back foot on Thursday, hovering around the low-1.2500s in a context of generalized weakness in the risk-linked galaxy vs. another outstanding day in the Greenback.
Gold keeps the bid bias unchanged near $2,700
Persistent safe haven demand continues to prop up the march north in Gold prices so far on Friday, hitting new two-week tops past the key $2,700 mark per troy ounce despite extra strength in the Greenback and mixed US yields.
Geopolitics back on the radar
Rising tensions between Russia and Ukraine caused renewed unease in the markets this week. Putin signed an amendment to Russian nuclear doctrine, which allows Russia to use nuclear weapons for retaliating against strikes carried out with conventional weapons.
Eurozone PMI sounds the alarm about growth once more
The composite PMI dropped from 50 to 48.1, once more stressing growth concerns for the eurozone. Hard data has actually come in better than expected recently – so ahead of the December meeting, the ECB has to figure out whether this is the PMI crying wolf or whether it should take this signal seriously. We think it’s the latter.
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