News & Analysis at your fingertips.

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.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/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
Oil - US Crude
Bullish
Wall Street
Mixed
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
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
GBP/USD
Bullish
USD/JPY
Bearish
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
More View more
Real Time News
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: FTSE 100: -0.35% Germany 30: -0.38% France 40: -0.39% Wall Street: -1.09% US 500: -1.38% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/ee1csUe04G
  • NASDAQ EXTENDS FALL, LAST DOWN ABOUT 2.1% Damn this Apple Watch is good... where Jay Powell at? https://t.co/8yXsJKehxy
  • France daily Covid cases rises above 13,000, highest since lockdown - BBG
  • GBP falling to fresh sessions lows following UK PM Johnson's warning that the UK is on the verge of having a second wave of Covid-19
  • Dow Jones pivots higher with the S&P 500 and Nasdaq owing to consumer sentiment data. Get your #indices market update from @RichDvorakFX here: https://t.co/MN3YH5WNMV https://t.co/ELJkNhn6LK
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.14%, while traders in NZD/USD are at opposite extremes with 70.68%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/wQSpYPp9wY
  • US equities drop to session lows as Speaker Pelosi states that she is sticking with demands for a $2.2 trillion stimulus bill
  • US #Dollar Outlook: $USD Grinds into Weekly Support – $DXY Levels - https://t.co/Teg9aN8GHQ https://t.co/bdifryFcSD
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Gold: 0.77% Silver: 0.39% Oil - US Crude: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/4rXyUYBYzw
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.36% 🇯🇵JPY: 0.31% 🇪🇺EUR: 0.05% 🇨🇦CAD: -0.11% 🇨🇭CHF: -0.14% 🇬🇧GBP: -0.17% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/LZ5R3mMJhS
DAX Outlook as ECB Looms, S&P 500 Levitating While FTSE Seeks Resolution

DAX Outlook as ECB Looms, S&P 500 Levitating While FTSE Seeks Resolution

2017-10-21 03:49:00
Paul Robinson, Strategist
Share:
DAX Outlook as ECB Looms, S&P 500 Levitating While FTSE Seeks Resolution

Talking Points:

  • S&P 500 continues to notch out new record highs, a few ‘high’ impact data events with GDP as the main one on Friday
  • DAX squaring up against long-term trend-lines ahead of the important ECB meeting on Thursday
  • FTSE 100 caught between support and resistance, GDP on Wednesday the big data print of the week

Check out our longer-term views on markets in the DailyFX Q4 Forecasts.

S&P 500

There a few ‘high’ impact data points coming up next week, but may have minimal impact on stocks, with the US dollar making the biggest moves on the releases. On Wednesday, US Durable Goods Orders is due out, Thursday brings Advance Goods Trade Balance, and likely to have the most impact is Q3 GDP on Friday. See the economic calendar for details.

As noted on Friday, the upward march in stocks was threatened only mildly and momentarily on Thursday. The market caught a bid at support by way of a pair of trend-lines, one rising off a swing-low created in August and another top-side trend-line extending higher since June which was overcome earlier in the month. The grind higher doesn’t present good risk/reward for fresh longs at this juncture, but until we see a strong reversal in momentum shorting is even less appealing.

S&P 500: Daily

DAX Outlook as ECB Looms, S&P 500 Levitating While FTSE Seeks Resolution

Having a good grasp on the psychology of trading is important – Building Confidence in Trading.

DAX

Looking ahead to next week, the big event of the week will be the ECB meeting on Thursday, where the market looks to gain insight into the central bank’s plans with its current QE program. Outsized volatility could certainly result from the outcome. The euro will likely react the strongest, but given the inverse correlation it has with major European indices, look for that to reflect in the opposite direction in equities. For details on timing and other data releases, please see the economic calendar.

Last week, the DAX continued to struggle around the pair of long-term trend-lines (2000/’15, 2015-current). It’s a pivotal spot as the market hangs suspended in air after rallying over 10% from the late-August low. A period of consolidation or a pullback would do some good for working off overbought conditions. A decline below 12909 will bring a pullback into focus, with 12676 as the first notable level of support. On the top-side, the pair of aforementioned trend-lines continue to be a headwind.

DAX: Daily

DAX Outlook as ECB Looms, S&P 500 Levitating While FTSE Seeks Resolution

FTSE

Next week, in terms of ‘high’ impact data prints we have UK Q3 GDP on Wednesday. ‘Brexit’ headlines will of course be a point of possible volatility as it has and will continue to be the case for the foreseeable future. See the calendar for a schedule of all data releases.

The FTSE is caught between stiff resistance and rising trend-line support. The area around 7550 has seen significant play since towards the end of May. It continues to prove problematic despite the footsie edging out a new record high on the 12th. Helping keep in a bid in the market is the February 2016 trend-line. It’s significant given it begins back at the end of the 2015/16 correction and passes under the ‘Brexit’ low. During August/September it held the market together before briefly falling apart. A resolution one way or another looks to be nearing soon. On the downside, a break will into focus support in the vicinity of 7460/30. A top-side breakout will bring the intra-day record high at 7599 into focus.

FTSE 100: Daily

DAX Outlook as ECB Looms, S&P 500 Levitating While FTSE Seeks Resolution

---Written by Paul Robinson, Market Analyst

You can receive Paul’s analysis directly via email bysigning up here.

You can follow Paul on Twitter at@PaulRobinonFX.

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

DISCLOSURES