ELLIOTT WAVE ANALYSIS - Latest Market Commentary
Stock Indices
19th August 2017 - The benchmark S&P 500 index staged another sharp turn-around during last Thursday’s session as Donald Trump’s administration attempted ‘damage-limitation’ to his fiscal plans and credibility following### defamatory comments responding to the recent violence in the Charlottesville demonstrations. This was compounded when several members of his White House business and advisory councils resigned over his failure to criticize right-wing groups. The S&P nose-dived forty-five points and even though sentiment has now turned bearish over the last couple of weeks, Read full summary in our latest report!
Currencies (FX)
19th August 2017 - The US$ dollar index pulled back from recent gains to 94.14 during the latter part of last week as investors weighed Donald Trump’s latest contentious comments following last week’s Charlottesville demonstrations. The release of Wednesday###evening’s FOMC ‘minutes’ which was interpreted by the markets as ‘dovish’ also pulled the dollar lower against the major G10’s. But the overall momentum remains to the upside basis a five wave impulse pattern emerging within the previous week’s advance from the early-August low of 92.55. A correction to this advance has already ended, so the way is clear for a more immediate … Read full summary in our latest report!
Bonds (Interest Rates)
19th August 2017 - US10yr treasury yields inched lower from Wednesday’s high of 2.285% on the back of a more dovish tone to July’s FOMC ‘minutes’ and safe-haven bond buying triggered by President Trump’s defamatory comments responding to the recent### violence in the Charlottesville demonstrations. And all this following Trump’s ‘fire and fury’ rhetoric over North Korea. Is this simply a phase of heightened tensions caused by the Lunar and Solar Eclipses co-joined over the last two weeks? If so, watch out for Monday’s solar eclipse as this may cause some increased volatility. For the moment, the US10yr yield… Read full summary in our latest report!
Commodities
19th August 2017 - The US$ dollar edged a little lower late last week helping to underpin strength in precious metals. There was also a certain amount of mark-up going on in gold and silver triggered by active safe-haven strategies due to President Trump’s defamatory comments### responding to the recent violence in the Charlottesville demonstrations and terrorist attacks in Barcelona. Gold ran up to 1300.70 but pulled lower off these highs into Friday’s close at 1287.70. So far, gold has traded higher from July’s low into a series of 1-2’s which is very bullish for the coming weeks as ‘price-expansion’ defined as a 3rd-of-3rd wave… Read full summary in our latest report!
