We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bullish
GBP/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Mixed
Oil - US Crude
Mixed
Bitcoin
Bullish
More View more
Breaking news

GBP/USD gapped lower after key Brexit vote over the weekend

Real Time News
  • Nice call from @ddubrovskyFX on the #GBP gap: "British Pound Prices May Gap Lower After Brexit Deal Vote Delayed" - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2019/10/20/British-Pound-Prices-May-Gap-Lower-After-Brexit-Deal-Vote-Delayed.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr
  • US Dollar Technical Analysis: Two-Year Uptrend Broken? - https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2019/10/20/US-Dollar-Technical-Analysis-Two-Year-Uptrend-Broken.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #USD #technicalanalysis
  • RT @LiveSquawk: News Recap: Chinese Vice Premier: China, US Made ‘Concrete Progress’ Towards Trade Deal - SCMP https://t.co/7nH4fhGZqd
  • Join analyst @DavidJSong at 6:15 PM ET/10:15 PM GMT for your weekly update on key news trading events. Register here: https://t.co/gBlrRpCc55 https://t.co/tiX7T2gRyX
  • #GBPUSD gapping lower at the start of the session after sour #brexit developments over the weekend pressured Sterling lower.
  • With increasing volatility in weather patterns, how might storms, hurricanes, and floods rattle the supply chain for petroleum-based products and impact crude #oil prices? Find out from @ZabelinDimitri here: https://t.co/e91RRyBQ3z #OOTT https://t.co/QiS2RsWuGS
  • We got a daily close below rising support in #USDKRW. Could see an aggressive decline this week UNLESS market uncertainty from Brexit boosts demand for liquidity and pushes #USD higher and staves off a potential selloff. Will keep you all posted https://t.co/Jh2aiIOpgu
  • - Fed's Clarida: US economy is in a good place but there are "evident risks" - ECB policymakers do not expect additional easing in coming months - Aramco says the timing of its IPO is predicated on market conditions - Johnson tells Tusk he will ask for #brexit extension ⬇️ (BBG)
  • (Asia Pacific AM Briefing) British Pound Prices May Gap Lower After Brexit Deal Vote Delayed $GBPUSD #Brexit - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2019/10/20/British-Pound-Prices-May-Gap-Lower-After-Brexit-Deal-Vote-Delayed.html?CHID=9&QPID=917702
  • Crude oil prices may encounter significant selling pressure if China retaliates against the US and pushes back trade war talks. Get your crude #oil market update from @ZabelinDimitri here: https://t.co/vMwa6rmFpH #OOTT https://t.co/vPkJ3oQgwV
S&P 500 losing streak continues

S&P 500 losing streak continues

2016-11-03 17:25:00
Walker England, Forex Trading Instructor
Share:

Talking Points:

  • S&P 500 Bounces from Session Lows
  • Daily Resistance is Found at 2,103.42
  • Looking for additional trade ideas for equities markets? Read our Stock Market Forecast

The S&P 500 is looking to stem a streak of 7 consecutive daily declines by trading higher for the first session this week. Equities markets remain mixed worldwide however, as traders are digesting yesterday’s FOMC rate decision pared with next Tuesdays election. As such, traders will continue to look at key values of support and resistance to help determine the markets next direction.

S&P 500 , 10 minute

S&P 500 losing streak continues

(Created Using TradingView Charts)

In the short run, the S&P 500 can be seen bouncing from daily lows (2,088.67) in the 10 minute chart below. Within this bounce, the Grid Sight Index (GSI) has identified a short term uptrend developing at the beginning of US session trading. Now, after reviewing 7,514,498 pricing points, GSI has indicated that prices have historically continued to advance by $2.30 or more in 60% of the identified 20 matching events. This places the first bullish distribution for the S&P 500 at 2,103.70. A move to this value would place the Index at daily highs, and help cement this morning’s move higher.

Traders looking for a continuation of the current daily downtend should note that GSI has indicated that prices have declined by 6.70 or more in just 15% percent of the 20 identified historical events. A move to 2,094.7 would suggest a return in bearish market momentum, but would also suggest that today’s high of 2,103.42 is now a new lower high in an ongoing downtrend.

S&P 500 losing streak continues

Traders tracking sentiment should note that 60% of traders are currently long the S&P 500. With an SSI reading of -1.48, this is typically seen as a bullish signal. If the S&P 500 continues to rally, this reading would be expected to move towards a negative extreme of -2.00 or more. Alternatively if the S&P 500 continues lower, traders should look for SSI to neutralize from their present readings.

--- Written by Walker, Analyst for DailyFX.com

To Receive Walkers’ analysis directly via email, please SIGN UP HERE

See Walker’s most recent articles at his Bio Page.

Contact and Follow Walker on Twitter @WEnglandFX.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.