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Global Market Wrap:
European Markets Advance In Friday Trade
Equity Futures: Dow +11.00. S&P -7.00. NASDAQ +16.50. Japanese Nikkei +9.00. German Dax +3.00.
European Trade: European markets are posting small gains, as the financial shares, which were the market’s main drag over the last few trading sessions, turned into the green. The biggest gains were seen in the Nordic markets, with OMX Helsinki and OMX Stockholm trading above the 1% benchmark level. Since the day started, Greece is the only European market that has declined
The emerging Eastern European stocks gained 0.50% so far into the session, moving in-line with the more mature Western markets. In Eastern Europe, Hungary’s stock market advanced 0.70%, Romania’s 1.15% while Czech Republic’s advanced only 0.25%.
S&P Futures: The S&P futures came to a virtual standstill during the first part of the day, but helped by the European open, the futures index surged 4 points. Still, the uptrend was short-lived because the market retraced the entire move. Right now, the S&P futures are trading once again near the 1090.00 swing area.
S&P Technical View: TheLFB Member Charts
4 Hour chart trend: Long. Main price points: 1062.50, and 1095. Looking for: Wave 5) top
S&P futures have reached the 1095 Fibonacci target area as expected, where wave C of a blue wave 5) may already have hit the top. If this is correct then whole expanding diagonal pattern should also be done, which means that down-side pressure will follow over the coming sessions, days, and maybe even weeks. A break of the 1062.50 wave B low will confirm a temporary bear market.
If the bullish wave count on the four hour chart below is done then a rally from the March lows is technically finished.
Any break of the current highs, will put the next target shown at 100% Fibonacci projection level in play.
Sector Moves: Except for the healthcare and the telecommunications sectors, every other industry headed higher in Friday trade. This is a big swing from the prior two trading sessions, from the Asian and the U.S. ones, when the banking sector acted as a huge drag on the market. The telecommunication sector declined after Nokia posted an unexpected third quarter loss.
The biggest gains came from the oil & gas companies, which surged 2.60% on the gains seen in crude’s oil market. Strong gains also came from the automobile & parts sector, which advanced on the gains posted by Daimler and BMW.
Crude oil for November delivery was recently trading at $77.90 per barrel, higher by $0.20.
Crude oil Technical View: TheLFB Member Charts
4 Hour chart trend: Long. Main price points: 71.90, and 78.00. Looking for: Wave III) top
On the four hour chart, oil has finally broken through the 75.00 resistance area in the past few sessions, which was the key for move higher into $78 per barrel where wave III) may have found the top. Traders should now be watching for a wave IV) corrective pull-back, down to the 38.2% support zone of recent wave III), before the bull market with red wave V) continues.
The wave count stays valid so long as the market trades above the 71.92 wave I) top.
Gold for November delivery was recently trading down by $1.40 to $1049.20. Gold lost a few points over the last few trading sessions, as the dollar index showed signs of strength. Right now, crude oil is trading just above the $1045.00 support area, which has been an important swing point over the last 10 days of trading.
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