S&P 500: First support at 4392/82

Jason Sen DayTradeIdeas.co.uk

Emini S&P 500, Nasdaq, Emini Dow Jones

Emini S&P September just holding the only resistance of any importance at 4405/10.

Nasdaq September beat the all time high at 14965/995 for a buy signal at the start of this week initially targeting 15100/120 with a new all time high at 15134.

Emini Dow Jones September edging slowly above 34975/35000 as we reach 35072.

Daily analysis

Emini S&P hit the only resistance of any importance at 4405/10. A break above 4415 is a buy signal targeting 4455/60.

First support at 4392/82. Best support at 4375/70. Longs need stops below 4365 for a buying opportunity at 4345/35. Longs need stops below 4330.

Nasdaq beat 14965/995 for a buy signal at the start of next week initially targeting 15100/120 (with a new all time high at 15134) & strong resistance at 15320/350. A break above 15400 targets 15700/750.

First support at 14995/950. Strong support at 14840/800. Longs need stops below 14750.

Emini Dow Jones September holding above 35000/34975 targets 35160/190, perhaps as far as resistance at 34400/450.

Strong support at 34750/710 & strong support again at 34540/500. Longs need stops below 34450.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.