Wed, Apr 21, 2021 @ 00:56 GMT
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US 500 Index Ready to Elevate All-Time High

The US 500 stock index (Cash) is sustaining its bullish tone above the rising Ichimoku lines, which are nourishing the price’s attempts to steer higher. Additionally, the advancing simple moving averages (SMAs) are shielding the positive structure. The short-term oscillators are reflecting the resilience of the index to survive attempts...

Pull Back in Treasury Yields Boosted Stocks to New Record, Dollar Set Up for More Downside

Dollar tumbled broadly again as falling treasury yield pushed US and German stocks to new record highs. Near term trend in the greenback should have reversed, but it's unsure whether it's ready for medium term down trend resumption yet. At least, EUR/USD will have to break through 1.2 handle...

Elliott Wave View: S&P 500 (SPX) Rally Should Resume

Short term Elliott wave view in S&P 500 (SPX) suggests the rally from March 5, 2021 low is unfolding as a 5 waves impulsive structure. Up from March 5 low, wave ((i)) ended at 3983.87 and wave ((ii)) pullback ended at 3853.50. Internal of wave ((ii)) unfolded as a...

Euro Reversed Course on Less Pessimistic European Outlook, Commodity Currencies Ignored Risk Rallies

Swiss Franc and Euro ended as the strongest ones last week, as investors reversed their short positions accumulated in Q1. In particular, such reversals pushed Sterling to be the worst performing one, suffering heavy pressure against both Euro and Franc. The outlook for European looked a bit less pessimistic...

US Open: Tech Slips after Yesterday’s Gains

The tech heavy Nasdaq is easing lower after recording 1% gains on Thursday. Rising bond yields are adding pressure to high growth tech stocks, whilst lifting the Dow Jones. US futures Dow futures +0.2% at 33450 S&P futures +0.02% at 4090 Nasdaq futures -0.3% at 13721 In Europe FTSE -0.2% at...

Dollar Tumbles as DOW Hits Record, Aussie Shrugs RBA

Dollar trades broadly lower this week so far, following the strong record close in stocks overnight. Nevertheless, Yen and, to a larger extent, Swiss Franc are not following the selloff much. Commodity currencies are trading broadly higher together with Sterling. Aussie yawns RBA rate decision, which provided nothing new...

S&P 500, DOW hit new record as up trend continue

US stocks surged sharply overnight, with S&P 500 and DOW closing at new record highs. S&P 500 rose 1.44% or 58.04 to 4077.91. It's now close to 61.8% projection of 2191.86 to 3588.11 from 3233.94 at 4096.82. Based on current momentum, this projection is more likely to be taken...

Week Ahead: Coronavirus Worsens, and the Bickering Begins Over Biden’s Infrastructure Plan

Monday is a holiday and many of the major markets will be closed.  Now that month-end and quarter-end are behind us, as well as Non-farm payrolls and OPEC, the focus for the markets will turn back to the rising number of coronavirus cases, particularly in Europe and Canada.  In...

Elliott Wave View: SPX Looking For New All-Time High

Short Term Elliott Wave suggests rally from January 29, 2021 low in SPX is unfolding as a 5 waves diagonal Elliott Wave structure. Up from January 29 low, wave 1 ended at 3950.43 and pullback in wave 2 ended at 3723.34. Up from wave 2 low, wave ((i)) ended...

Risk Sentiments Turned On Again, But Euro Likely to Stay Weak on Third Wave

After staying cautious for most of the week, risk sentiments were turned on again towards the end, bringing DOW and S&P 500 to new record highs. Aussie, Kiwi and Sterling staged a strong come back while Yen and Swiss Franc were deeply sold off. Yet, Dollar ended as the...

US 500 Index Meets 20-Day SMA, Standing Below Record High

The US 500 index is slipping from the all-time high of 3,988.65 and is retesting the 20-day simple moving average (SMA) after two consecutive red days. The technical indicators are suggesting a horizontal movement. The MACD is holding below the trigger line in the positive region, while the RSI is...

US 500 Index Flies To Another Record High Marginally Below 4,000

The US 500 index has attracted renew buying interest once again, holding slightly below the 4,000 psychological level. The price continues to post five consecutive green days and holding well above the simple moving averages (SMAs). The MACD oscillator is trying to overcome its trigger line in the positive region,...

Sterling Dips Against Euro and Swiss, S&P 500 Hit New Record

Markets remain cautious overall. While DOW and S&P 500 hit new record highs overnight, the gains were just modest. Gold and WTI oil are also both stuck in tight range, awaiting breakout. In the currency markets, Sterling is apparently under some pressure from cross selling against other European majors....

S&P 500 hits new record, on track to 4096 projection level

S&P 500 and DOW closed at new record highs overnight on improving growth prospect in the US economy. In particular, the S%P 1500 airlines index jumped more than 4%, indicating some revival in optimism in the sector. Nine of the 11 major S&P sector indices closed higher, led by...

Elliott Wave View: S&P E-Mini Futures (ES) Resumes Higher

Elliott Wave View suggests that since forming the low in March 2020, S&P E-Mini Futures (ES) has rallied in an impulse Elliott Wave structure. Rally to 3959.25 ended wave ((3)) and pullback in wave ((4)) is proposed complete at 3721.55 as a double three structure. Down from wave ((3)),...

US 500 Index Hovers Between Short-term SMAs

The US 500 index (Cash) is trading below the record high of 3,963.58, flirting with the 20- and 50-day simple moving averages (SMAs). The momentum indicators are suggesting a downside reversal as the MACD is losing ground below its trigger line and the RSI is turning lower around the neutral...

Yields Surged, Stocks Tumbled after Fed Powell, Dollar in Half-Hearted Rally

Fed Chair Jerome Powell's lack of concrete hint on action against rising nominal rates sent treasury yield higher, and stocks lower overnight. Dollar rode on risk aversion and jumped sharply higher. Nevertheless, the greenback's rally was concentrated against Euro, Swiss Franc and Yen only. Sterling, Canadian, and Australian are...

NASDAQ completed HnS top, to lend strong support from 12074

NASDAQ closed down -2.11% or 274 pts to 12723.47 overnight. The strong break of 12983.05 neckline support confirmed the completion of head and should top reversal pattern as mentioned (ls: 13728.98, h: 14175.11, rs: 13601.33)  here. More downside is expected for now, for minimum target at 100% projection of...

US 500 Index Tests 50-MA and Weight of Bearish Pressures

The US 500 index (Cash) is trying to conquer the region from the 50-period simple moving average (SMA) until the 100-period SMA, after a foothold at the 3,788 level repowered the positive sentiment. The flattening out of the 100- and 200-period SMAs as well as the completed bearish crossover...

Yields Up, Stocks Down, Dollar and Yen Rebound

US stocks suffered steep selling overnight on sharp rally in treasury yields, and the selloff carried forward to Asian markets. Yen and Dollar ride on the turn in risk sentiments and rebounded, together with Dollar. Australian and New Zealand are in deep pull back, together with Sterling. Euro and...

S&P 500 and DOW not looking bad despite pull back, NASDAQ vulnerable though

While US stocks suffered steep selloff overnight, the outlook isn't generally that bad yet. S&P 500 is still holding well inside rising channel, and above 55 day EMA. The trend defining support of 3694.12 is indeed still a bit far away. So, outlook is staying bullish, in a way...

Dollar Tumbled on Risk-On Sentiments Again, Ignored Yield Strength

Dollar ended as the worst performing one, reversing much of prior week's rebound. Risk-on sentiments appeared to be leading the greenback lower again, and boosted Australian Dollar as the strongest one. But the development in other major currencies were less clear. The strength in stocks and oil were not much...

Dollar Rally Choked by Job Data, Spotlights Turn to Sterling and Aussie

Dollar was in a pole position to end as the strongest major currency. But disappointing non-farm payroll report gave dollar bulls a reality check as the greenback ended mixed, after late selloff. Australian and New Zealand Dollar have indeed closed as the best performers, followed by Sterling. Euro, Swiss...

Markets Down after Roller-Coaster Rides, Dollar Upside Still Capped

January ended with an exceptionally volatility week. While GME occupied a lot of headlines, there were other important developments like vaccines, US stimulus, and central bank expectations. Sterling ended as the strongest one with traders paring bets on negative interest rate of BoE. The same went for New Zealand...

US 500 Index Charts Its Biggest Daily Loss In Seven Months

The US 500 stock index (cash) erased January's gains in one day and slumped to a three-week low of 3,711 after the 3,855 bar proved to be a tough resistance to overcome. That was the biggest daily loss since June 12. The touch with the 50-day simple moving average (SMA)...

FOMC Leaves Rates Unchanged As GME And TSLA Steal The Show: DXY, USD/JPY

The FOMC left rates unchanged today and noted that monetary policy moving forward is not only going to depend on the coronavirus, but also the vaccine rollout. However, the real story of the day was in stocks. Traders continued to punish GME shorts and TSLA missed expectations by 23...

Forex Forecast and Cryptocurrencies Forecast

First, a review of last week's events: EUR/USD. We published a chart seven days ago that clearly showed how the correlation between the S&P500 index and EUR/USD was broken in early January. But now everything is back to normal: the S&P500 continued its growth, reaching a historic maximum of 3859.84 on...

Elliottwave View: SPX Upside Move Has Resumed

Short Term Elliott Wave view in S&P 500 (SPX) suggests the Index ended wave 1 at 3726.70 and pullback in wave 2 ended at 3636.48. Internal of wave 2 unfolded as a zigzag. Wave ((a)) ended at 3685.84, wave ((b)) ended at 3716.65, and wave ((c)) ended at 3636.48....

NASDAQ and S&P 500 hit new record high on strong stock rallies

US stocks open sharply higher today with S&P 500 and NASDAQ hitting new record highs. NASDAQ is clearly leading the way higher. It's staying well inside near term rising channel, without clear upside acceleration so far. But as long as the channel holds, we'd expect further rise to 61.8%...

US 500 Index Fades from Recent All-Time High of 3,831

The US 500 index (Cash) is finding a foothold in the Ichimoku cloud, on the 100-period simple moving average (SMA) at 3,756, after the index receded from its latest all-time high of 3,831 under the 50-period SMA. All climbing SMAs are endorsing the positive picture, while the Ichimoku lines,...