S&P500: Good short-term support at 2187

Carol Harmer Charmer Trading

SUPPORT: 2187 1277/75 2172 2162 2158/56 2152 2147/46 2134

RESISTANCE: 2193 2196/97 2204/05 2210 2214* 2220 2225 2243 2268 2289 2309 2335

Good short term support coming in @ 2187...Market slightly oversold short term...but this is to be expected after the fall from 2214...However...med term charts remain looking weak...2183 is your next big level really...If we break below here 2175 would be the targeted area....Any longs currently are to be used short term only and we would like any correction now to hold below the 2204 area....Weekly and monthly charts remain looking quite negative...so this would help the market sell off if we could correct some of the recent decline...Overall markets look awful...and the Nas has shown the way...This never got near ALT and reversed..Please keep looking at this market if trading S&P ...it will help with direction...DJI also posted reversal days...Now all we need is a reversal week in the S&P and we will look in an even worse state that we do now....As Iv said...there is nothing technically that I can see that would provoke a sharp move higher at this point...Reversal Thursday kicked in...but as always we await NFP and get the blips and headless chicken brigade out of the way in the first hr...and then await Wall St as these are the guys that will determine where we go for the next few weeks.....2204 breaks there is scope for 2210/13 again...but sellers will be here to keep the market under threat...especially if the Nas does not make a break topside....

Author

Carol Harmer

Charmer Trading

Carol Harmer has over 39 years experience of analysing and trading the world's markets and is undoubtedly one of the most respected technical trader in the world today.

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.