IG weekend markets may respond to Jackson Hole speeches (2024)

  • By tradinglounge · Posted 24 minutes ago

    WTI Elliott Wave Technical Analysis Function - Counter-trend for wave 2 Mode - Corrective Structure - Impulse for wave a of 2 Position - Wave 2 Direction - Wave 3 Details - With the extended rally from 72.47, we count higher for wave 2. The structure from 72.7 is tricky so we should wait for a 5-swing down below 80 to confirm the start of wave 3. WTI crude oil is retreating after a month-long rally from June 4th to July 5th, 2024. This downside break suggests that the larger decline, which started in April 2024, has the potential to continue below the June 4th low. If the decline is not that deep, it should at least retrace 50% of the immediate rally to the April 5th low.Long-Term AnalysisIn the long term, WTI is undergoing a bearish correction. This correction is a response to the impulse rallies from the COVID-19 lows to the highs during the Russia/Ukraine conflict at $130.91. The bearish correction began at $130.91 in March 2022. The daily chart reveals that the long-term bearish corrective cycle is developing into a double zigzag structure. Wave W (circled) concluded at $64.56 in March 2024, followed by wave X (circled), which finished at $95 in September 2023. Wave Y (circled) then began, potentially forming a double zigzag subdivided into waves (A)-(B)-(C). Waves (A) and (B) ended at $67.8 and $87.6 in December 2023 and April 2024, respectively. The commodity is now anticipated to decline in wave (C), which could develop into either an impulse or a diagonal 5-wave structure. It appears that waves 1 and 2 of (C) have been completed, setting the stage for a decline in wave 3.H4 Chart AnalysisOn the H4 chart, wave 2 appears to have ended with a zigzag structure, followed by a downside break for wave 3. A break below $80 with an impulse wave would confirm the start of wave 3. While the downside forecast for wave 3 is not yet solidified, there is a significant chance of a continuous decline toward and below $72.47 if the price stays below the current wave 2 high of $84.5.ConclusionBoth the long-term and H4 charts indicate that WTI crude oil is amid a bearish correction with the potential for further declines. The double zigzag structure on the daily chart and the zigzag completion on the H4 chart suggest that the price is likely to continue its downward trajectory. By closely monitoring the development of wave (C) on the daily chart and wave 3 on the H4 chart, traders can identify strategic entry points to capitalize on the anticipated decline. If the price remains below $84.5, a substantial move toward $72.47 or lower is highly probable, providing ample opportunities for bearish positions. Technical Analyst : Sanmi Adeagbo Source : Tradinglounge.com get trial here!

  • IG Morning Call

    By AshishIG · Posted 1 hour ago

    Asian stocks are near two-year highs, with the Nikkei 225 at a record high, partly due to expectations of imminent US rate cuts. The Reserve Bank of New Zealand (RBNZ) held its cash rate at 5.5% and indicated that inflation is expected to return to the target range in the second half of the year. This led to a drop in the New Zealand dollar. Traders are now expecting rate cuts from the RBNZ later this year. The Australian dollar rallied against the New Zealand dollar, supported by expectations that Australian rates might increase due to stubborn inflation. Global stocks have rallied on expectations of a Federal Reserve easing cycle, possibly starting in September. Fed Chair Jerome Powell stated in testimony to Congress that the US is 'no longer an overheated economy' but didn't provide a clear timeline for rate cuts. Markets are pricing in a high chance of a Fed rate cut in September, following on from Friday's weaker payroll report.Despite expectations of U.S. rate cuts, the dollar remains strong against other currencies

  • Salesforce Inc. (CRM) Stocks Elliott Wave Technical Analysis

    By tradinglounge · Posted 1 hour ago

    CRM Elliott Wave Analysis Trading Lounge Daily Chart,Salesforce Inc.,(CRM) Daily ChartCRM Elliott Wave Technical AnalysisFUNCTION: TrendMODE: Impulsive STRUCTURE: MotivePOSITION: Primary C. DIRECTION: Downside in wave (3). DETAILS: Looking for a completion of Primary wave C to unfold in five waves. We could havecompleted a sharp wave (2) and be resuming lower.CRM Elliott Wave Analysis Trading Lounge 4Hr Chart,Salesforce Inc., (CRM) 4H ChartCRM Elliott Wave Technical AnalysisFUNCTION: TrendMODE: Impulsive STRUCTURE: MotivePOSITION: Wave 1 of (3).DIRECTION: Acceleration in wave (3).DETAILS: We could have found a top in wave C. Looking for confirmation of further downsidewith a tested resistance on top of 250$. It’s possible we will double correct in wave (2), or else wecould be in a wave (C) of a complex correction.Welcome to our latest Elliott Wave analysis for Salesforce Inc. (CRM). This analysis provides an in-depth look at CRM's price movements using theElliott Wave Theory, helping traders identify potential opportunities based on currenttrends and market structure. We will cover insights from both the daily and 4-hour chartsto offer a comprehensive perspective on CRM's market behavior.* CRM Elliott Wave Technical Analysis – Daily Chart*The daily chart indicates that CRM is expected to complete Primary wave C in a five-wave sequence. It appears that wave (2) was a sharp corrective wave, and the market isnow resuming lower in wave (3). Traders should watch for further downside momentumas wave (3) progresses, looking for confirmation through price action and volume.* CRM Elliott Wave Technical Analysis – 4Hr Chart*The 4-hour chart shows that CRM may have found a top in wave C, indicating the startof a new downward trend.Technical Analyst :Alessio BarrettaSource : Tradinglounge.com get trial here!

IG weekend markets may respond to Jackson Hole speeches (2024)

FAQs

What is the summary of the Jackson Hole speech? ›

For now, Powell's message was simple and direct: Two means two. The second key message in Powell's speech was that he and his colleagues are willing to raise rates further—even to the point of putting the US economy through a recession—if that is what's needed to bring inflation down to the 2 percent objective.

How does the Jackson Hole meeting affect the stock market? ›

According to the data, the Dow, S&P 500, and Nasdaq Composite have all seen positive gains in the weeks following Jackson Hole. One month after the meeting, the Dow gained an average of 0.1%, while the S&P 500 rose an average of 0.3% and the Nasdaq climbed an average of 0.6%. Those numbers improve as time goes on.

What is the significance of Jackson Hole? ›

When other trappers followed Colter's example, Jackson Hole became one of the prime areas of interest. Most of the famous mountain men who trapped the West in the early 1800s traveled trails that crossed the valley. Jim Bridger, Jedediah Smith, William Sublette, and David Jackson were among them.

What is the meaning of Jackson Hole? ›

Jackson Hole (originally called Jackson's Hole by mountain men) is a valley between the Gros Ventre and Teton mountain ranges in the U.S. state of Wyoming, near the border with Idaho, in Teton County. The term "hole" was used by early trappers, or mountain men, as a term for a large mountain valley.

What does Jackson Hole have to do with the stock market? ›

Despite last year's cataclysm, Jackson Hole historically does not swing markets – the S&P inched up an average of 0.3% in the month after the symposium took place between 1978 and 2022, according to Dow Jones data.

Why does the Fed go to Jackson Hole? ›

Central bankers discuss world events and financial trends and the discussions at Jackson Hole are watched for economic news and specifically the likely direction of global interest rates.

What is Jackson Hole market? ›

The mission of the Jackson Hole Farmers Market is to champion and support local farms, ranches and food producers while creating a space to bring our community together to support overall health and wellness.

What is the purpose of Andrew Jackson's speech? ›

Andrew Jackson's Speech to Congress

On December 6, 1830, Andrew Jackson gave a speech to congress explaining his reasoning for pursuing the policy of Indian Removal. He stressed the benefits to states such as Mississippi and Alabama, which would gain "population, wealth, and power" from taking Native American lands.

What is the meaning of Jackson Hole meeting? ›

The Jackson Hole Economic Policy Symposium is an annual gathering of individuals to discuss central banking policies. The symposium brings together people from across the economic, financial, and governmental fields, to discuss the most pressing matters facing global economics.

What is the description of Jackson Hole Wyoming? ›

Jackson Hole, famously described as "The last of the Old West," is a picturesque valley encircled by mountains. Spanning 48 miles, the valley floor slopes from 6,779 feet above sea level in the north to about 6,069 feet in the south.

Why did the Fed choose Jackson Hole? ›

High on its list of charms, the Jackson Lake Lodge was close to excellent fly fishing — a surefire way to appeal to the Fed chair at the time, Paul A. Volcker. He came, and between the A-list attendees and the location's natural beauty, Jackson Hole quickly became the Fed event of the year.

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