The markets are continuing to be impacted by the possibility that Fed officials planted a press report to put 50 bp cut back on the table after the market had moved away from it after the recent jobs data and CPI.

The S&P 500 sits less than a percent from its July high and is positioned well for a breakout. The Nasdaq 100 and the Russell 2000 are nowhere near their respective highs, but they too have breakout opportunities to add to last week’s gains.

EUR/GBP is breaking out below the lower channel of a shallow rising channel. If the break holds the pair will probably continue falling.

Looking for a bottom in wave 2 in place as we bounced off 500$, looking for upside towards Medium Level at 650$.

The euro rose slightly on Friday, thanks to the dollar’s weakening. The euro also gained support amid comments from several ECB officials, who said they do not favor cutting interest rates at the ECB’s October meeting.

The trading week ending Friday, 13 September 2024 saw the S&P 500 (Index: SPX) rise 4.0% above its previous week's close.

In this update we review the recent price action in spot Gold and identify the next high probability trading opportunity and price objectives to target.

The West Texas Intermediate Crude Oil market is that the $70 level has been like a brick wall.

As we kick off a pivotal week for the Fed, the U.S. dollar continues to lose steam, pushing USD/JPY below the 140 mark for the first time since last July.

TransUnion has been making impressive moves recently, showcasing substantial relative strength compared to the broader market.

Wave ((i))-navy has just ended, and wave ((ii))-navy seems to be unfolding to push lower, aiming at targets at 34.75 - 34.32. Finally, wave ((iii))-navy will return to continue pushing higher. 

Bitcoin continued to consolidate around the $60,000 level as traders waited for the upcoming Federal Reserve interest rate decision. The BTC/USD pair was trading at 59,700 on Monday morning, much higher than this month’s low of 52,510.

GBP/JPY continues to lose ground despite thin trading amid Japan’s bank holiday. The Japanese Yen receives support from the hawkish mood surrounding the BoJ. The BoE is expected to hold rates steady at Thursday’s policy meeting.

EUR/USD is showing signs of strengthening, currently trading around 1.1088 on Monday. The pair saw significant gains at the end of last week, driven by mounting speculation over the Federal Reserve's upcoming interest rate decision.

We have very important week ahead, with the much-anticipated interest rate decision from the Fed.

In summary, USDCAD is in gray wave 3 of an impulsive trend on the daily chart. The trend is expected to continue robustly, with the invalidation level marked at 1.39456. A break below this level would necessitate a reevaluation of the wave count.

Over the past decade, the US, proxied by the S&P 500 ETF (SPY), has returned 228% compared to a 48% total return for the rest of the world as measured by the MSCI All World Ex. US ETF (ACWX).

The 6 mega-cap stocks were down 5% w/e Sept. 6th after the ISM manufacturing index reported August figures below consensus raising fears about the health of the economy. That fear subsided during the w/e Sept. 13 with all 6 stocks moving up.

Impressive upward consolidation (brief interludes) in this S&P uptrend, promising record S&P highs 'before' the Fed's cut decision. A spate of profit-taking could follow thereafter, but again in a favorable S&P structure.

That's what these inflection points kind of do, represent an area in the price action that was not fulfilled and prices just love symmetry; gaps love to be filled.