SP500, Dow notch third consecutive record closes

Dollar strengthening resumed as Empire State index rebounded

US stock market inched to third record closing on Monday as Citigroup results mark start of earnings season. The S&P 500 added less than 0.1% to 3014.30. Dow Jones industrial gained 0.1% to 27359.16. The Nasdaq composite rose 0.2% to 8258.19. The dollar resumed strengthening as data showed the New York Fed’s Empire State manufacturing index rebounded to 4.3 in July, from minus 8.6 in June : the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, added 0.1% to 96.916 and is higher currently. Stock index futures point to mixed market openings today

DAX 30 paces European indexes recovery

European stocks resumed advancing on Monday with China’s growth slowdown concerns limiting gains. Both GBP/USD and EUR/USD turned lower and are down currently. The Stoxx Europe 600 index gained 0.5% led by auto maker shares. The DAX 30 rose 0.5% to 12387.34. France’s CAC 40 edged up 0.1% and UK’s FTSE 100 added 0.3% to 7531.72.


Nikkei leads Asian indexes losses

Asian stock indices are mostly falling today. Nikkei closed 0.7% lower at 21535.25 despite accelerated yen slide against the dollar. Markets in China are mixed: the Shanghai Composite Index is down 0.2% while Hong Kong’s Hang Seng Index is 0.1% higher. Australia’s All Ordinaries Index lost 0.2% despite Australian dollar’s slide against the greenback.

Brent advances

Brent futures prices are edging higher. Prices fell yesterday as Gulf storm threat passes: September Brent crude lost 0.4% to $66.48 a barrel on Monday.

Let’s see if I get there before you and how good I am:

Tomorrow you will post “SP500, Dow give up gains after prior record closes”.


There you go.

Forgot to throw in the NASDAQ so that’s three out of three for me then.

Short term momentum is still down for all three.

How’s that for analysis.

Have you noticed how sometimes - just sometimes - you can see the Elliot waves on a chart ?

I assume that chart he posted was Dax ? (I can’t read it)

But there we have a lovely 1-3-5, a-b-c Then a 1, so if the hypothesis holds, we should still be in for a 3-5 ? of wave 3 (next size up) - I wasted a lot of time trying to unravel that particular “system” before wandering off and selling my Elliot wave books !

Ok - sorry for interrupting - they just look so perfect ! :wink: