We are up over 28% this year so far; SPX up around 18%. The FOMC meeting is Tuesday and Wednesday (September 17 and 18) and market could hold up into this date. The bottom window is the SPY/VIX ratio. A bearish sign is triggered when the SPY makes a higher high and the SPY/VIX ratio makes a lower high; and that happen today. Market may be “still” going into the FOMC meeting but after, may start to see a pull back. Being patience for now. Sold long 9/13/24 at 5626.02= gain 2.23%; Long SPX on 9/5/24 at 5503.41. Join me on TFNN.com Tuesday 3:30 Eastern; Thursday 3:20 Eastern, Tune in.Seasonality leans bearish starting on the ...
Seven weeks ago, we joked a “triple-top” pattern was developing in our chart tracking the probability of recession developing in the U.S. over the next twelve months. A lot of things have happened in the weeks since, but today we can confirm that not only has that triple-top developed, its third peak will reach its maximum level either today or tomorrow. Unless something really unexpected happens, it will not be followed by a fourth peak at the elevated levels of the last three. The triple-top pattern is now locked in.In the arcane art of technical analysis for stock prices, a triple-top pattern “signals the asset may ...
With heightened expectations of a 50 bp cut by the Federal Reserve tomorrow, the dollar has not gotten a reprieve and is softer against nearly all the currencies. Japan’s long holiday weekend ended, and the greenback has held above JPY140 today. It is consolidating, but against most of the G10 currencies, the dollar’s losses have been extended. The Canadian dollar is the other exception amid speculation that the Bank of Canada can accelerate the pace of its cuts barring a surprise with today’s August CPI report. Emerging market currencies but a few, including the Mexican peso, are a little softer. Equities are mostly firmer...
The USD/CHF pair extends its losing streak for the fourth trading session on Tuesday. The Swiss Franc asset remains sluggish near 0.8450 as the US Dollar (USD) continues to face selling pressure due to growing market expectations that the Federal Reserve (Fed) will deliver a 50 basis points (bps) interest rate cut on Wednesday.The prospects for the Fed to begin reducing interest rates aggressively have been prompted by a sharp decline in the annual United States (US) headline Producer Price Index (PPI) data for August released last week. The underlying inflation decelerated at a faster-than-expected pace to 1.7%.Investors will also focus ...
Gold prices remained stable at around 2580 USD per troy ounce on Tuesday, hovering close to their record highs. This resilience in the gold market is largely driven by the weakening US dollar and heightened expectations for a substantial interest rate cut by the Federal Reserve.Current projections from the CME FedWatch tool indicate a 67% likelihood of a 50 basis point cut in today’s Fed meeting, a significant increase from the 40% chance noted yesterday. Additionally, there’s a 33% probability of a more modest 25 basis point reduction. These expectations have significantly influenced market sentiment, prompting investors to flock...
NFLX Elliott Wave Analysis Trading Lounge Daily Chart,Netflix Inc., (NFLX) Daily Chart NFLX Elliott Wave Technical AnalysisFUNCTION: Trend MODE: Impulsive STRUCTURE: Motive POSITION: Wave 3 DIRECTION: Upside in wave 3. DETAILS: Looking for a bottom in wave 2 in place, with upside within wave 3 of (5Looking for a bottom in wave 2 in place, with upside within wave 3 of (5) with minimum target TL8 at 800$. ) with minimum target TL8 at 800$. Netflix Inc., (NFLX) 1H Chart NFLX Elliott Wave Technical AnalysisFUNCTION: Trend MODE: Impulsive STRUCTURE: Motive POSITION: Wave {i} of 3. DIRECTION:...
NexGen Energy Ltd. (NXE) is a uranium exploration and development company based in Vancouver, British Columbia. They focus on high-impact projects in the Athabasca Basin in Saskatchewan, Canada. This area is known for having the highest-grade uranium deposits in the world. Below is the latest long term update of the stock.$NXE Weekly Elliott Wave Chart as of September 17. 2024 Weekly chart of NXE above shows that the stock ended Super Cycle degree wave (II) at 0.53. From there, the stock then rallies in wave (III) with internal subdivision as a 5 waves impulse. Up from wave (II), wave I ended at 6.5 and pullback in wave II ended at 3.4. The ...
My previous BTC/USD signal on 11th September may have produced an excellent and nicely profitable long trade from the bullish bounce off the support level I identified at $55,724. Today’s BTC/USD SignalsRisk 0.50% per trade.Trades may only be taken prior to 5pm Tokyo time Wednesday.Long Trade Ideas Long entry after a bullish price action reversal on the H1 timeframe following the next touch of $58,254, $57,239, or $55,724. Place the stop loss $100 below the local swing low. Adjust the stop loss to break even once the trade is $100 in profit by price. Remove 50% of the position as profit when the trade is $100 in profit by price and lea...
The AUD/USD pair gains traction for the second straight day on Tuesday – also marking the fourth day of a positive move – and climbs to a one-and-half-week high during the early part of the European session. Spot prices currently trade above mid-0.6700s, up around 0.15% for the day, as investors look to the outcome of a two-day Federal Open Market Committee (FOMC) meeting on Wednesday for a fresh directional impetus. Heading into the key central bank event risk, the US Dollar (USD) consolidates its recent heavy losses to the lowest level since July 2023 amid bets for an oversized 50 basis points interest rate cut by the Federal Reserve ...