S&P 500 Index Elliott Wave b) of 4: Bear market rally, prepare to short

[tradinglounge]

SP 500 Elliott Wave Technical Analysis and Trading Strategies: SP 500 (SPY), NASDAQ 100 NDX, QQQ ETF, Russell 2000 RUT IWM ETF.
Market Summary Today: Elliott Wave count  a) b) c) wave 4 corrective rally. Today I also look at other US ETFs and the SP500 larger bear Ellliott wave count
Market News Today In line with the Feds, we will short the next leg lower
Day / Trend Trading Strategies: Will look to short once this wave 4 corrective rally matures

 

Video Chapters
00:00 S&P500 & SPY ETF
10:59 NASDAQ 100 (NDX)
12:38 Russell 2000 (RUT) & IWM ETF
16:56 Thanks for watching!

Peter Mathers TradingLounge
 

 

[MongiIG]

8 hours ago, tradinglounge said:

SP 500 (SPY), NASDAQ 100 NDX, QQQ ETF

Dow Jones, S&P 500 and Nasdaq 100 Outlook for the Week Ahead – Not Looking Good

Jun 19, 2022 | DailyFX
Daniel Dubrovsky, Strategist

STOCKS FUNDAMENTAL FORECAST: BEARISH

• Dow Jones, S&P 500 and Nasdaq 100 suffer worst 2 weeks since 2020
• Traders getting more concerned about a recession as Fed fights CPI
• Data next week will reveal more information on growth, not inflation

Over the past 2 weeks, futures tracking the Dow Jones, S&P 500 and Nasdaq 100 tumbled 8.71%, 10.05% and 9.63% respectively. You would have to go back to the onset of the pandemic in early 2020 to see the same performance. Volatility has been on the rise, with the VIX market ‘fear gauge’ up about 25 percent during the same timeframe.

This past week, we saw a rapid repricing of Federal Reserve rate hike expectations. That is because earlier this month, another unexpectedly strong US CPI report crossed the wires. Hence the 75-basis point hike delivered last week, where just shortly ago, the markets were only expecting 50. A more aggressive Fed means that there are rising concerns about the health and vigor of the world’s largest economy.

US CPI and real GDP expectations for 2023 (YoY) are outlined in the chart below. Since about March, we have seen economists boost inflation estimates for next year. This is as bets for real GDP, which considers changing prices, have been dwindling. Earlier this year, the US economy was expected to grow 2.5% in 2023 in real terms. Now, that figure has fallen below 2%.