SPX 500 and Nasdaq 100 – Uptrends set to Resume!

by WaveTrack International| May 30, 2018 | No Comments

SPX 500 and Nasdaq 100 – 120 mins Elliott Wave Forecast – www.wavetrack.com

SPX 500 and Nasdaq 100 – Synopsis

Both the SPX 500 and the Nasdaq 100 have ended recent counter-trend declines that began from the mid-May highs of 2741.25 and 7013.50. At yesterday’s low of 2675.00 for the SPX 500 but at the earlier low of 6829.75 for the Nasdaq 100. Prevailing uptrends are now set to resume.

SPX 500 and Nasdaq 100 and the Italian Crisis!

This week’s trading activity has been dominated by the Italian political crisis. Following the appointment of former International Monetary Fund official Carlo Cottarelli as interim prime minister, with the task of planning for snap polls and passing a budget. The appointment made by President Sergio Mattarella was seen as controversial. Mainly, because the Five Star Movement (M5S) has proposed Euro-sceptic Paolo Savona for the office. Italian short and long-dated interest rates have doubled in just the last few trading sessions. Especially, at the short-end of the curve. And there is talk of the new political parties attempting to renegotiate the country’s debt pile. That in itself has sent fund managers scurrying to liquidate risk-assets rebalancing with safe-havens.

European Indices

European stock indices have been trading sharply lower. However, still in-line with recent Elliott Wave forecasts. Interim lows have been hit into Monday’s trading. Tuesday’s nudge away from these lows in indices like the Xetra Dax have triggered a ‘reversal-signature’ confirming near-term upside potential.

SPX 500 U.S. Stock Indices

Meanwhile, U.S. indices have undergone more modest retracements within the diagonal patterns update recently in the bi-weekly reports. The SPX 500 and the Nasdaq 100 have each ended these short-term corrections, the SPX into yesterday’s low at 2675.00 and the Nasdaq 100 earlier at 6829.75 – both are now forecast to resume their 3rd wave uptrends within the diagonal patterns. Upside targets for the SPX 500 remain towards the 2800.00+/- area whilst the Nasdaq 100 upside targets are minimum 7130.00+/- but could stretch as high as 7242.00+/.

Conclusion

More in tonight’s in-depth report, but the SPX 500 and the Nasdaq 100 are now set to resume their 3rd wave uptrends.

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