ELLIOTT WAVE ANALYSIS - Latest Market Commentary
Stock Indices
30th July 2026 - U.S. stock indices have continued to slide lower with semiconductor, microchip stocks taking the brunt of falls, both in S. Korea and in the U.S. About one-third of S&P 500 companies are due### to report this week and earnings are on track to boast a 26.5% increase on last year, though even that may not be enough to satisfy sky-high expectations. Four of the Mag-7’s report their latest quarterly earnings this week – tonight, (Wednesday), Microsoft and then Meta/Facebook (after the market closes) – and on Thursday, Amazon and Apple (after the market closes). We’ve just seen results from Meta/Facebook – shares are trading down -10% after the company issued a weaker-than-expected revenue forecast and took a big hit to its cash pile – that reaction comes as no surprise basis our latest update published in Monday’s... Read full summary in our latest report!
Currencies (FX)
30th July 2026 - The Federal Reserve held interest rates unchanged at 3.50%-3.75% per cent today, in-line with market expectations although there were dissents from three officials that suggested a hawkish### tilt at the central bank. The US$ dollar actually declined during today’s session, despite the fact that markets are now pricing-in a 25bps rate hike at September’s meeting. The dollar now looks set to weaken a little over the next couple of days although there’s still a chance it strengthens again to complete its 3rd wave ahead of corrective lower. Inversely, the Euro/US$ has pushed higher today and this can stretch a corrective rally a little higher over the next couple of days, although downside targets for wave 3 haven’t yet been tested to... Read full summary in our latest report!
Bonds (Interest Rates)
30th July 2026 - The Federal Reserve held interest rates unchanged at 3.50%-3.75% per cent today, in-line with market expectations although there were dissents from three officials that suggested a### hawkish tilt at the central bank - Cleveland Fed President Beth Hammack, Neel Kashkari of the Minneapolis Fed and Dallas Fed’s Lorie Logan all voted to raise rates. Fed funds futures were last pricing in a 63% likelihood of a quarter-point raise at the September meeting, according to the CME FedWatch Tool. The US10yr yield initially declined on the news of an unchanged rate, from 4.636 to 4.598 although it turned sharply higher... Read full summary in our latest report!
Commodities
30th July 2026 - Gold’s short-term, volatile price-swings are inversely tracking the US$ dollar’s movements. Last week’s decline between 4166.11 into today’s low of 3996.08 has coincided with the dollar index’s### advance from 100.93 into Monday’s high of 101.64 and then today’s dollar decline to 100.76 has inversely pushed gold up to 4116.37. The dollar’s next short-term movement is not clear which also translates into varying short-term possibilities for gold. That said, gold’s rallies have unfolded into three wave corrections from recent lows which maintains current downside targets towards 3900.00+/-. Silver is still short of reaching downside targets as minute wave 3’s double zig zag pattern where short-term rallies like today’s are... Read full summary in our latest report!
