Good morning, everyone! Hope you had a nice weekend.
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Today might be a bit of a slow session due to Labor Day in the US and Canada, so we may have to wait until tomorrow for the markets to really get back in action. Tomorrow, we’ll start getting some first important data this week; its going to be Swiss CPI release, followed by the US ISM manufacturing data, which has been showing a prolonged slowdown. We’ll also have the ISM services data on Thursday, and of course, the most important—US jobs data on Friday. This week data, and NFP in particular, should provide more insights into whether the Fed might opt for a 50 basis point cut or just 25 basis points in their September rate decision. Or, can we get some other surprises? We will see, but when it comes to market trends, we’re still seeing stocks in risk-on mode. The DAX is trading at all-time highs, and even US stocks turned up at the close on Friday, therefore I’m looking for more risk-on sentiment going into this week.
It’s also interesting to note that while the dollar is still up, it’s approaching potential resistance this week. A decline in the dollar could make things easier for stocks, which are already doing quite well despite the stronger dollar. But a weaker USD would obviously provide even more support for the equity markets.
For more analysis, make sure to join me in webinar later.
Grega
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