This week began with imminent geopolitical tension characterized by a warning of a possible Russian invasion of Ukraine, but on Tuesday news on the partial retreat of Russian troops to their bases appears to be a move that has the potential to ease tensions between Moscow and the West.
After Friday’s unexpected strong January employment report, this week’s all eyes are on US inflation. Inflation has been accelerating due to energy pressures, increase in used car prices, as well as rents and wages.
Market in trading range since august last year: levels of the range are 3950 as support and 4400 as resistance.
On weekly charts the market is approaching the support (last price is 4100).
The employment report continues to be significantly relevant as the Omicron variant disrupts the global economy, giving a jolt to kick off the new year. The unexpected drop in the private sector employment announced on Wednesday affected all industries and business of all sizes.
Inflation continues to be a global issue. Yesterday’s Eurozone inflation data came out in line with the previous 5.0% rather than slowing down as Bloomberg analysts had predicted.
Last week has been characterized by an overall risk-off sentiment on the markets with all major indices closing in the red.
Today I give an update on our Gold vs Eurostoxx spread.
As we can see, the market is poised to get higher: it has broken, on Friday, the 200 day moving average.
Market is in retracement mood: on daily charts the trendline support has been broken at 4600.
Major supports on daily charts are:
– 4360
– 4290
LONG TERM:
Market is in correction phase, that started a couple of weeks ago (highest price was 4818).
SHORT TERM:
We confirm the critical support in the 4570-4600 area for SP500.
First level on short term 1830 dollars: if broken we will se again 1870, where stands the medium term resistance.
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Past performance is not a guide to future returns. The value of investments and any income from them is not guaranteed and may fall as well as rise and the investor may not get back the original amount invested.
Aleph Finance is a trading name of Pairstech Capital Management LLP.
Pairstech Capital Management LLP is authorized and regulated by the FCA – Financial Conduct Authority – with registration number 477155.
Pairstech Capital Management LLP is authorized as third country firm without a branch by CONSOB with registration number 54.
Registered Company number OC333807.
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