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Nasdaq 100 & S&P 500 Elliott Wave Update – Wednesday, Sept 11
It was a very interesting day filled with amazing volatility and amazingly profitable moves. Both the ES and NQ appear and I’m labeling as complete the Minor 4th wave triangle patterns. The “flows” data that I include in the Trade Room and mention here in these updates played to a “T” today. I discuss the outcome in today’s update. I also discuss the “alternate” which suggests that wave “d” is complete or nearly so at today’s highs and wave “e” is yet to come possibly as a result of a tepid or more negative PPI data due out tomorrow along with Initial Jobless Claims... -
Finance 0
USD/CHF Bounce Faces Key Resistance: What’s Next?
Photo by Claudio Schwarz on UnsplashUSD/CHF has extended its bounce from 0.8374 to a high of 0.8532, but it is now facing resistance from the falling trend line on the 4-hour chart.Downside Scenario: Consolidation Phase: As long as the trend line resistance holds, the current bounce could be seen as a consolidation within the larger downtrend from the 0.9050 high on July 3. Another decline is possible, with a potential target around 0.8300 after consolidation. Key Support Levels: Initial support is at 0.8480. A breakdown below this level could push the price down to the next support at 0.8430. Further decline could target the previous lo... -
Finance 0
Stocks Rally Back In A Roller Coaster Session
Image Source: UnsplashStocks started flat and turned sharply, only to rise sharply following a confusing CPI report. By day’s end, it seemed clear that the only thing the CPI report seemed to confirm was that the Fed was unlikely to cut rates by 50 bps in September.The S&P 500 started the day a bit higher as implied volatility fell. Then the selling came in, which was pretty big, with the S&P 500 dropping until roughly 10:45. The index hit the put wall at 5,400, where it bounced. That is probably the point where the put holders started selling their puts, pushing IV down, and creating the move higher.Despite the core CPI coming in... -
Finance 0
GBP/USD Down After US CPI Figures And UK GDP Data
Photo by Colin Watts on Unsplash GBP/USD tallied another day of losses falling below 1.3050. US CPI came in mixed and markets reduced the odds of a 50 bps cut. Earlier in the session the UK reported weak GDP figures. The GBP/USD pair remains under pressure, trading near 1.3045 as the market reacted to the latest US inflation data. Economic activity released during the European session seems to have added pressure on the pound.While the headline inflation declined, annual core CPI, which excludes volatile food and energy prices, remained unchanged at 3.2% in August, in line with market expectations. However, on a monthly basis, both CP... -
Finance 0
GameStop: Where Do We Go From Here?
Image Source: UnsplashOn Wednesday, the memetic gaming retail chain GameStop (GME) dropped by 15%, going from Tuesday’s $23.50 to $19.93 per share. This puts the stock closer to its 52-week average of $17.80 and far removed from the 52-week high of $64.83 per share.The driver behind the stock’s most recent volatility is the Q2 2024 earnings result released on September 10th. The company reported a significant drop in net sales, at $798.3 million vs $1.16 billion in the year-ago quarter. This failed to meet analyst expectations at around $896 million. On the upside, GameStop surprised investors with a burst of profitability, reporting ... -
Finance 0
Nothing Here Screams “Stop The Rate Cut Music”
Image Source: PixabayMARKETSOn another roller-coaster day for investors, U.S. stocks quickly shook off a higher-than-expected CPI-induced swoon as Big Tech came to the rescue with a classic “buy-the-dip” rebound. It begs the question: Isn’t September supposed to be a bad month for stocks? If you’re banking on Wall Street being that predictable, you’re probably giving it too much credit.Sure, the larger-than-expected bump in Core CPI won’t make it easy to justify a 50bps rate cut next week. But with the Fed laser-focused on the weakening labor market, they’re unlikely to be too rattled by a spike in shelter price... -
Finance 0
Stocks And Precious Metals Charts – Fear Not
Image Source: UnsplashA fairly in-line CPI reading seemed to have a delayed reaction in cheering the risk markets higher.VIX fell.The Dollar chopped around and finished just about unchanged.Gold backed off a bit, but silver rose with equities.PPI tomorrow.We’re in the ‘silly season’ now as the election approaches. Added to that the stresses of our irrational foreign policies is making people abandon reason in the face of the unreasonable. But, the madness serves none but itself.We have our light to follow, and we know what to do. The best course of personal and financial action is to keep our heads focused on what is t... -
Finance 0
Powerful Rally Pulls Indices Back From Brink
Image Source: PexelsToday’s economic data generated a sizable gap down across indices which carried into the open and for the morning session. At this point, bears had all the momentum until buyers made their appearance and kept buying pressure right into the close.The net result was to leave large bullish candlesticks that offer bulls something to work with for the rest of the week.Starting with the Russell 2000 (IWM). The bullish ‘hammer’ occurred at $207.50 support, although the low didn’t quite tag the 200-day MA. Technicals are net bearish and the index expanded in its relative underperformance to the Nasdaq and ... -
Finance 0
US Inflation Drops To 2.5% In August
Image Source: Pixabay US inflation for August rose 2.5% year-on-year, in line with the market estimate. The US dollar posts gains against the major currencies today. Market odds of a 25 basis-point cut this month increase to 85%. US Inflation Continues to Decline The US Consumer Price Index (CPI) continues its downward path. The August CPI report eased to 2.5% year-on-year, down considerably from the 2.9% gain in July and in line with the market estimate. Notably, CPI has slowed for a fifth straight month, as elevated interest rates have brought inflation down closer to the Fed’s target of 2%. Inflation is currently at its lowest level s... -
Finance 0
Beautiful Gap Fill
Image Source: UnsplashBetween the Fibonacci (on the /ES) and this gap fill (on the DIA), the support was clear.More By This Author:Ackman Was Right Triple-Leveraged Victory Lap My Bearish Positions...
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