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
Bearish
Oil - US Crude
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
Wall Street
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
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • - Biden-Trump betting odds continue to show Biden way ahead of the incumbent - Investors should not get complacent – there is precedent for an unexpected win - Gold price decline may accelerate after XAU/USD broke a multi-week uptrend https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2020/10/28/Gold-Selloff-to-Accelerate-With-Less-Than-a-Week-Until-Election-Day.html
  • GBP/USD looks likely to continue to trade around the 1.30 level as the talks between the EU and the UK on their future trade relationship continue. Get your GBP/USD market update here:https://t.co/RwiU3esd2q https://t.co/8OnddX6Tbb
  • Wall Street Futures Update: Dow Jones (+0.451%) S&P 500 (+0.498%) Nasdaq 100 (+0.530%) [delayed] -BBG
  • What is the US Dollar outlook based on retail positioning ahead of the November 3rd presidential election? EUR/USD may fall as AUD/USD rises. Which way could USD/CAD capitulate? Find out from @ddubrovskyFX here:https://t.co/BVoIcR9anM https://t.co/QMJsW54Ijr
  • Read this now⬇️ https://t.co/FdPt6fBbYD
  • With #Election2020 around the corner, could stock markets predict the outcome? As of today, the #DowJones and #SP500 averaged: +1.86% a year before the election -1.79% 3 months before the vote Historically, what may this mean for the incumbent/Trump? - https://www.dailyfx.com/forex/fundamental/article/special_report/2020/10/28/SP-500-Dow-Jones-Can-Stock-Markets-Predict-Presidential-Elections.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/k9jdS7adQJ
  • Poll: Is this break from the Dow, $SPX, global indices, crude oil, carry trade, etc 'the' break in risk trends. In other words, is this start of a productive bear that brings us into official 'bear trend' territory (-20% from highs)?
  • RT @FxWestwater: S&P 500 Price Forecast: Options Traders Hedge Bets as #VIX Soars - via @DailyFX $SPX $VIX https://www.dailyfx.com/forex/market_alert/2020/10/28/SP-500-Price-Forecast-Options-Traders-Hedge-Bets-as-VIX-Soars.html ht…
  • Probably a lot of bulls out there consulting the technical candlesticks books hoping for a bullish belt hold reversal from the $SPX. Key tenant of that 'pattern' is that you shouldn't take the single candle in isolation. https://t.co/T232cOPHkK
  • The Nasdaq 100 is battling soaring covid cases, election uncertainty and earnings season, but lockdowns in Europe likely sparked Wednesday’s decline. Get your #Nasdaq market update from @PeterHanksFX here:https://t.co/U1s6ccvTcI https://t.co/6mKYToiEVg
Dow Jones, DAX 30, FTSE 100, S&P 500 Forecasts for the Week

Dow Jones, DAX 30, FTSE 100, S&P 500 Forecasts for the Week

2019-09-14 05:00:00
Peter Hanks, Analyst
Share:

Dow Jones, DAX 30, FTSE 100, S&P 500 Forecasts:

Dow Jones,DAX 30, FTSE 100, S&P 500 Technical Outlook

The major stock indices saw a relatively uneventful week of price action as traders awaited crucial rate decisions from both the European Central Bank and the Federal Reserve. Despite the timid atmosphere, the Dow Jones, Nasdaq and S&P 500 were able to approach all-time highs. Not to be outdone, the DAX 30 is in the midst of a nearly parabolic climb and could soon target its own record levels. Meanwhile, the FTSE 100 languished about – comparatively - as Brexit uncertainty continues to keep the equity index in a chokehold.

Dow Jones Forecast

Outlook: Neutral

The Dow Jones Industrial Average tacked on further gains last week as it looks to probe record levels around 27,400. Before it can test all-time highs, however, the DJIA must surmount resistance posed by the trendline from January 2018. While it may not possess the technical influence to stall price in the event of a serious fundamental development, it could look to cap gains on an intraday basis.

Dow Jones Price Chart: 4 – Hour Time Frame (June – September) (Chart 1)

dow jones price chart forecast

Day Trading the Dow Jones: Strategies, Tips & Trading Signals

Conversely, the Dow will look to horizontal support around 27,000 before turning to the upper bound of the August range at roughly 26,400 in the event of a bearish continuation. The ascending trendline marked by December and June lows may come into play prior, but the degree to which it was disregarded in August calls the level’s technical merit into question.

DAX 30 Forecast

Outlook: Consolidation Needed

The DAX 30 has staged an incredible rally in late August and September, climbing over 9% since its August 15 low. With a willing fundamental backdrop, the rally may look to continue but could be due for a brief period of consolidation to allow bulls to catch their breath. That said, support around the 12,200 level could be an initial level to watch in the event of a modest pullback.

DAX 30 Price Chart: Daily Time Frame (April – September) (Chart 2)

dax 30 price chart forecast

How to Trade the Dax 30: Trading Strategies and Tips

On the other hand, if consolidation fails to materialize, resistance to a continuation higher will reside around the 12,460 level – coinciding with prior highs and Friday’s daily close. Secondary resistance may be offered by the ascending trendline from December and June around 12,550.

FTSE 100 Forecast

Outlook: Neutral

Although it has enjoyed gains of its own, the FTSE 100 largely lags the Dow Jones and DAX. Nevertheless, the Index climbed modestly last week until it was stalled by Fibonacci resistance on Friday around the 7,368 level. In the week ahead, the Fib level will pose initial resistance before the ascending trendline around 7,470 can be targeted. Support will be marked by the 200-day moving average slightly beneath 7,300 and by the Fibonacci level around 7,200.

FTSE 100 Price Chart: Daily Time Frame (June – September) (Chart 3)

ftse 100 price chart forecast

S&P 500 Forecast

Outlook: Neutral

Unlike the other indices, the S&P 500 has little resistance between Friday’s trading price and all-time highs around 3,028. Viewed by many as the benchmark for speculative appetite, its presence near record levels bodes well for the other indices that are attempting to establish gains of their own. As bulls look to claim fresh all-time highs, support could look to play a crucial role in keeping the Index afloat in the interim.

S&P 500 Price Chart: 4 – Hour Time Frame (June – September) (Chart 2)

S&P 500 price chart forecast.

How to Trade the S&P 500: Strategies, Tips and Trading Hours

As with many of the other technical landscapes, the ascending trendline from December and June lows will look to offer buoyancy slightly above the 3,000 level where psychological support resides. Subsequent support may be offered by the ascending trendline from August lows and the upper-bound of the recent range in the 2,945 zone. As traders await key fundamental developments scheduled in the week ahead, be sure to follow @PeterHanksFX on Twitter for updates and analysis.

--Written by Peter Hanks, Junior Analyst for DailyFX.com

Read more:Nasdaq 100 Forecast: Are Investors Apprehensive About Big-Tech?

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

DISCLOSURES