Elliott Wave analysis: S&P 500, Nasdaq, Russell 2000, and Dow Jones [Video]

Peter Mathers TradingLounge

Content: SP500 - NASDAQ 100 - RUSSELL 2000 - DOW JONES.
Stock Market Summary: Even though the markets can move higher, our focus is on the short trade setups. The tech stocks that have been leading higher can now be at risk of turning lower and of course this will bring the general market lower.
Elliott Wave SP500 resistance 4000 Nasdaq 13000. The markets can move above these numbers, but it doesn’t mean support, or a bullish trend, patience and time is our solution to getting the timing right.
Trading Strategies: Short new lows.

Video chapters

00:00 S&P 500.
23:03 NASDAQ (NDX).
26:22 Russell 2000 (RUT).
31:34 Dow Jones (DJI).

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 meets initial support around 1.1800

EUR/USD remains on the back foot, although it has managed to reverse the initial strong pullback toward the 1.1800 region and regain some balance, hovering around the 1.1850 zone as the NA session draws to a close on Tuesday. Moving forward, market participants will now shift their attention to the release of the FOMC Minutes and US hard data on Wednesday.

GBP/USD bounces off lows, retargets 1.3550

After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.

Gold remains offered below $5,000

Gold stays on the defensive on Tuesday, receding to the sub-$5,000 region per troy ounce on the back of the persistent move higher in the Greenback. The precious metal’s decline is also underpinned by the modest uptick in US Treasury yields across the spectrum.

Ethereum Price Forecast: BitMine extends ETH buying streak, says long-term outlook remains positive

Ethereum (ETH) treasury firm BitMine Immersion continued its weekly purchase of the top altcoin last week after acquiring 45,759 ETH.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.