S&P 500 Technical Analysis Elliott Wave [Video]

Peter Mathers TradingLounge

Technical Analysis Elliott Wave SP 500 [SPX] NASDAQ [NDX] AMZN, GOOG, AAPL,SQ, FB,TSLA

S&P500 Technical Analysis: earnings are edging the market higher, however a small correction is due in the next session or the following
We should also now see the Russell 200 and the SP400 start moving higher as their convective pattern are complete.

US Stocks AMZN, GOOG, AAPL,SQ, FB,TSLA Stocks are trending bullish

S&P 500 Elliott Wave: Wave i of (iii) of iii) (expecting Wave i to top in the next session)
NASDAQ Elliott Wave: Wave (i) top nearing

SP500 TradingLevels: In the slightly bigger picture the 4300 Minor level 3 which is also
the top of Minor group1 is the important price point as support or resistance and this will take a few more trading sessions to establish as support or resistance.

SP500 Trading Strategy: Long in this bullish trend for stocks and Indices

Peter Mathers TradingLounge

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

EUR/USD: US Dollar to remain pressured until uncertainty fog dissipates

Unimpressive European Central Bank left monetary policy unchanged for the fifth consecutive meeting. The United States first-tier employment and inflation data is scheduled for the second week of February. EUR/USD battles to remain afloat above 1.1800, sellers moving to the sidelines.

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: Volatility persists in commodity space

After losing more than 8% to end the previous week, Gold remained under heavy selling pressure on Monday and dropped toward $4,400. Although XAU/USD staged a decisive rebound afterward, it failed to stabilize above $5,000. The US economic calendar will feature Nonfarm Payrolls and Consumer Price Index data for January, which could influence the market pricing of the Federal Reserve’s policy outlook and impact Gold’s performance.

Week ahead: US NFP and CPI data to shake Fed cut bets, Japan election looms

US NFP and CPI data awaited after Warsh’s nomination as Fed chief. Yen traders lock gaze on Sunday’s snap election. UK and Eurozone Q4 GDP data also on the agenda. China CPI and PPI could reveal more weakness in domestic demand.

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.