Stocks Now at Support; S&P500 and German DAX Are Aiming Higher!

Intermediate

SP500 is turning south from the 2958 level where wave 5) of 3 has finished, and put a corrective wave 4 in play. We see choppy price activity within that pullback, now also reaching an important gap zone from April 1st which may cause a bounce. Also, index has retraced back into the area of a former wave four where current fourth wave of a higher degree may as well slow down. If we are correct, then we will see a new shift to the upside soon

S&P500, 4h

S&P500 Chart

Dax can be trading similar.

DAX made a sharp reversal, so wave 3 can be finally finished about what we talked last week when market moved up into its sub-wave five. If we are on the right track, then a three-wave setback is now here; ideally wave four down to 12000-11900 support.

German DAX, 4h

German DAX Chart

Comments on this analysis

Your email address will not be published. Required fields are marked *


Latest News

The Forex Zone
The Forex Zone – Risk On

The US Dollar and the Japanese Yen weaken as the risk on environment continues. The Forex Zone looks at day trade themes for the major Forex rates; EURUSD, GBPUSD, USDCAD, AUDUSD, NZDUSD and USDJPY. EURUSD: Risks flip back higher A very whipsaw session Thursday through the ECB with an initial selloff through to just hold … Continued

EURUSD Chart
Euro in focus into key European Central Bank (ECB) Meeting

All eyes will be on the European Central Bank (ECB) Meeting today, which much anticipation around a more dovish shift. US Dollar weakness has seen EURUSD rebound in September with a resumption of a global “risk on” theme, but the EURUSD Forex rate losses over the past 24 hours highlight caution into the meeting. EURUSD: … Continued

aud usd chart
Australian Dollar stays strong in risk on scenario (AUDUSD)

The “risk on” phase has contoured into the second week of September as global geopolitical tensions ease. Positive news in early September regarding Brexit, the US/China trade war and from Hong Kong have seen stock markets advance higher. This positive news for the global economy has encouraged a push higher for the Australian Dollar, which … Continued

eurusd
Euro firm ahead of the ECB (as US Dollar weakens)

EURUSD gains over the past week have primary echoed US Dollar losses, as global financial markets have shifted to a “risk on” mode, with global geopolitical tensions easing. Positive news last week around the US-Sino trade war, Brexit and from Hing Kong have seen stock averages rally, whilst the US Dollar has weakened, having been … Continued


Forex Brokers in your location