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February 4th - Data shows that the Eurozone economy slowed for the second consecutive month in January, with demand nearly stagnant and hiring halted, leaving the start of 2026 still fragile. The Eurozones composite PMI fell to 51.3 in January from 51.5 in December, hitting a four-month low and also below the initial reading of 51.5. Cyrus de la Rubia, chief economist at Commerzbank Hamburg, stated, "The growth trajectory can be described as acceptable, but the situation remains challenging. Companies made almost no new hires in January. The lack of growth in new business also indicates that the recovery in this sector remains fragile." The overall slowdown was primarily driven by the services sector, where activity expanded at its slowest pace since September, offsetting the renewed expansion in manufacturing output. The services business activity index fell to 51.6 from 52.4 in December. Despite the slowdown, business confidence rose to its highest level since May 2024. de la Rubia added, "The ECB is not currently particularly concerned about inflation, but the significant rise in service sector cost inflation as shown by the PMI, along with the marked increase in sales price inflation, will still put some pressure on officials."The German Engineering Federation reiterated its forecast that production will grow by 1% in 2026.The Eurozones final services PMI for January was 51.6, below the expected 51.9 and the previous reading of 51.9.The final reading of the Eurozone Composite PMI for January was 51.3, below the expected 51.5 and the previous reading of 51.5.The Ukrainian delegation arrived in Abu Dhabi on the 4th local time.

S&P500 Forecast: Is 4300 the Next Stop on the Market’s Upward Climb ?

Steven Zhao

Feb 14, 2023 17:01



We said in a blog article ten days ago that the S&P500's (SPX) anticipated decline was probably over.


This was done on the assumption that the market will rise to the $4300–4500 range, which has been our major anticipation for months. We have used the Elliott Wave Principle (EWP) in our study to influence our market prognosis, which we will go into more detail about in this post.


Yesterday, the S&P 500 touched the optimal third wave level: $4195 vs. 4199,... It should be on a modest fourth wave currently, hopefully reaching $4100+/-10, before a fifth wave aims for $4260+/-20. The index will then likely drop for many weeks before making a rebound to the optimal price of $4395+/-25. ”


Even though it fell short of our expectations, we were right since the index bottomed on Friday, February 10, at $4060, which is only 0.7% below the goal range we established ten days earlier.


The index is now in a rallying phase. In light of this, the green W-4 we predicted has probably reached its bottom, and the green W-5 to preferably $4260+/-10, maybe as high as $4295+/-10, should be under way. Look at Figure 1 below.

The $4300 is the main concern

According to the EWP, an impulse's third and fifth waves often reach the Fibonacci extensions of 161.8% and 200.00% of the length of the first wave, measured from the low of the second wave, respectively.


We concentrate on the green W-5 and the red W-iii in this instance. Red 161.80% extension is at $4295 and green 200% extension is at $4258. Therefore, we should anticipate W-5 of W-iii to target $4260-4295 as long as Friday, February 10, low at $4060 holds.

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