The stock markets are seeing a corrective bounce and further downside risk remains, says Nicole Elliott, Private Investor, as she joins today’s Tip TV Finance Show to discuss the technical outlook for the FTSE 100, Sensex and the S&P 500.
Stock markets: Start of a new bear market?
Elliott remains surprised by the extend of the stock market rally, noting that they have only retraced what was lost this year.
She remains in the bear camp, and states that the previous selloff only signalled the start of a new bear market, and the October rally can be termed as a corrective bounce.
FTSE: Not a raging bull market
Elliott takes a look at the weekly charts for the FTSE 100 index, and explains that the index is currently seeing a ABC Elliott Wave bounce and has stopped at the half way mark of this year’s range.
She further adds that the moving averages associated with the cloud are definitely bearish, and the index might do a lot of guttering around this year, and see direction in 2016.
The index remains at levels where we started in January 2014, and this isn’t a raging bull market, according to Elliott.
Sensex: Remaining short on the Indian equity index
On the Sensex, Elliott explains that the index saw a double top at record highs and then a selloff, slipping through the correction, and now having corrected 50% of the previous drop.
The index saw a big red candle last week which warrants caution for the bulls. Elliott prefers to remain on the bear camp for the index.
S&P 500: The odd man out
Elliott takes a look at the weekly charts for the S&P 500, noting that the it spent most of the year creating a rounded top, and cannot rule out another brief move to a new high.
We are not authorised by the Financial Conduct Authority of England and Wales. The information and/or data on this website is provided by us and any data providers which may be used by us for your general information and use only and is not intended for trading purposes or to address your particular financial or other requirements. In particular, the information and/or data on the website:
(1) does not constitute any form of advice (financial, investment, tax, medical, legal, spread -betting or otherwise); and (2) does not constitute any inducement, invitation or recommendation relating to any of the products listed or referred to; and (3) is not intended to be relied upon by you in making (or refraining to make) any specific investment, placing any bet or making any other decision; and (4) has not been issued or approved by Tip TV for the purposes of section 21 of the Financial Services and Markets Act 2000 (as amended from time to time).
Opinions expressed by speakers in the videos, writers of the blogs are only opinions and not expert advice. These opinions do not necessarily agree with those held by Tip TV, its directors, agents or employees who disclaim any intent to make betting, securities or securities markets recommendations. The value of investments and the income derived from them may fall as well as rise. APPROPRIATE EXPERT INDEPENDENT ADVICE SHOULD BE OBTAINED BEFORE MAKING ANY INVESTMENT, PLACING ANY BET OR MAKING ANY OTHER DECISIONS.
Recommended Content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.