Russian equity ETF set for gains
RSX ETF prices have broken out of their congestion area around USD15.00 and are set to target several higher key levels in the months ahead, according to Michael Macdonald of XATS-UK.
2015
Beware new highs in S&P500
Further gains for the S&P500 leading up to year end should be treated with caution as market breadth remains weak, says Ari Wald at Oppenheimer.
Further losses for euro before correction
The long-term chart for EUR/USD remains bearish after the break below trend support late last year. Meanwhile, bull market corrections could be triggered once the rate passes through parity.
2120 remains key for S&P500
The February high of 2120 remains the key level to break for the S&P500, says Andy Dodd at Louis Capital Markets. This may be reached after the completion of a bullish reversal pattern a few weeks ago.
EURUSD targeting parity
Elliott Wave analysis shows that the euro is in the 3rd wave of a larger downward 5th wave. This means EURUSD should target the previous low of 1.0458 and possibly 1.00.
Still bearish for WTI
The case for a upward move before the downtrend resumes for WTI is at risk, according to Walter Zimmermann at United-ICAP. A break below 43.45 will then mean 39.70 is the target to confirm a continuation of the longer-term downtrend.
Pullback expected for S&P
Andy Dodd, Head of Technical Research at Louis Capital Markets, would be surprised to see the current S&P rally break through 2120 without some sort of short-term pullback.
Commodities downtrend to resume
Since its August low, the Bloomberg Commodity Index has carved out a classic ‘abc’ bear market correction, according to Walter Zimmermann, Senior Technical Analyst at United-ICAP.
Fund flows data: Risk-on
Investors are undoubtedly “risk-on”, says Michael Hartnett, Chief Investment Strategist at BofA Merrill Lynch Global Research, in response to the latest weekly fund flows data.
AUDUSD: Corrective rally is over
Given the sharp sell-off earlier this week it’s hard to be anything but bearish for AUDUSD, says Tony Sycamore, Director Institutional Foreign Exchange at Commonwealth Bank of Australia.