Market Reports on Gold, EUR/USD, FTSE 100 and S&P 500

Gold

Indicators are mostly bearish and the Elliott wave is wave 5 down. Gold rallied to 1081 to complete wave (e) inside wave 4, the downtrend has resumed wave 5 is the next move. Wave 4 was a running triangle [(a),(b), (c),(d),(e)].  The DMI’s +DI line has crossed below the -DI line and the 13-period MA has crossed below the 55-period MA (all bearish). The next move is wave 5 down.

Strong resistance between 1088 (previous high) and 1086 (pivot R2).

EUR/USD

Indicators are mostly bearish and the Elliott wave is wave (v) down. The rally to 1.0830 was wave (iv) inside wave i (circle), the current decline is wave (v) in five waves [i,ii,iii,iv,v]. Wave iii ended at 1.0566, the current bounce is wave iv. The MACD has crossed below the signal line and the DMI’s +DI line has crossed below the -DI line (all bearish). The decline is not yet complete the next move is wave v down inside wave (v).

Strong resistance between 1.0683 (pivot R1) and 1.0745 (pivot R2).

 

 

FTSE 100

Indicators are mostly bullish and the Elliott wave is wave iii (circle) up inside wave C. Wave i (circle) inside wave C ended at 6367, wave ii (circle) ended at 6221.5. The MACD has crossed above the signal line and the DMI’s +DI line has crossed above the -DI line (all bullish). The current rally is wave iii (circle), sentiment is no longer bearish, the index is unlikely to return to the low at 6221.5.

Strong support between 6221.5 (Elliott wave support) and 6250 (pivot S2).

S&P 500

Indicators are mixed and the Elliott wave is wave (v) up. It’s possible to interpret the latest decline as wave (iv) of a five-wave rally. Whether this rally is wave v (circle) or an extension inside wave v (circle) remains to be seen. This five-wave rally could be an extension inside wave v (circle) in which case 2130 will be a temporary resistance. The MACD has crossed below the signal line (bearish), the next move is wave (v) to 2130.

Strong support between 2019.5 (previous low) and 2060.5 (pivot S2).

Thierry Laduguie is Trading Strategist at www.bettertrader.co.uk

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

Follow @eyield

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

WHAT IS ADVFN?

ADVFN covers all things stock market.

From the news and opinion pieces on pages like this to share discussion forums, charting tools, financials, live share prices and Level 2, order book data

If you trade or invest ADVFN has the tools you need to make the right decisions.

• 

  101 Ways to Pick Stock Market Winners

  You need the number one bestselling investment guide, the definitive text for day traders, investors and stock pickers.

• 

  The Death of Wealth

  Dissecting the global economy and the financial markets, the book lays out the evidence for the next economic game changer: the Death of Wealth.

• 

  Luis Aureliano

• 

  Capital.com

• 

  Jessica K

• 

  Mercedes Van Essen