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  • The US Dollar Index is roaring higher, lead by sharp declines in AUD/USD and EUR/USD $USD $DXY https://t.co/Ll2DBRKEMo
  • Commodities Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.04% Gold: -2.20% Silver: -3.19% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/nk9eEDzXhv
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.13%, while traders in GBP/JPY are at opposite extremes with 67.63%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/5dXf6fqsQz
  • Indices Update: As of 19:00, these are your best and worst performers based on the London trading schedule: France 40: 0.41% Germany 30: 0.36% FTSE 100: 0.34% US 500: -0.05% Wall Street: -1.10% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/fFsUz2EvOi
  • The US Dollar is continuing to strength today. The $DXY has risen above the 90.80 level to its highest point since last Wednesday. $USD https://t.co/OFWBlH3loM
  • quite the reversal in commod currencies over the past two days. $USDCAD from falling wedge support to resistance. this tl held a number of inflections earlier this month, now being tested through https://t.co/O2zqFkYz9Y https://t.co/Rljf0c6JE3
  • $USDCHF rose to trading above the 0.9100 level for the first time since November. $USD $CHF https://t.co/afJSa3Ap5h
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.86%, while traders in GBP/JPY are at opposite extremes with 67.99%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/7CenEe3hcL
  • Hey traders! Wrap up your week with a quick market update from @DailyFX Chief Strategist @JohnKicklighter 👇 https://t.co/9Sfqv1U0TJ
  • Commodities Update: As of 17:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -2.02% Gold: -2.70% Silver: -4.40% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/pOc7rwbN4x
FTSE 100, S&P 500 Outlook: No-Deal Brexit Vote Likely Rejected

FTSE 100, S&P 500 Outlook: No-Deal Brexit Vote Likely Rejected

Justin McQueen, Analyst

Equity Analysis and News

  • FTSE 100: No-Deal Likely to be Rejected, A50 Extension Favoured
  • S&P 500: Familiar Resistance Holds Firm
FTSE 100, S&P 500 Outlook: No-Deal Brexit Vote Likely Rejected

Source: Thomson Reuters, DailyFX

FTSE 100: No-Deal Likely to be Rejected, A50 Extension Favoured

Despite the sizeable swings in GBP, the FTSE 100 has held a relatively tight range throughout the week (7080-7180), as the downside pressures of a stronger currency had been offset by the general improvement in risk sentiment. With the FTSE 100 edging towards 7200, further upside looks somewhat limited. Today will likely see MPs vote against a no-deal Brexit, while tomorrow will likely see MPs voting in favour of an Article 50 extension in tomorrow’s vote. Consequently, GBP may well hold onto its recent gains albeit capped at 1.33, which in turn could act as a stumbling block for the FTSE 100. Alongside this, key resistance for the index is seen at 7254 (200DMA), while the 50% Fibo retracement situated 7210 may also ease upward momentum.

Given that markets have attached a low probability of tonight’s vote passing, the vote itself may not provide too much in the way of volatility. As such, eyes will be firmly fixed on the latest Brexit headlines emerging from No. 10 or the EU throughout the session.

  • March 13th (No-Deal Vote if WA fails)
  • March 14th (A50 Extension if No-Deal fails)

FTSE 100 Price Chart: Daily Time Frame (Mar 2018-Mar 2019)

FTSE 100, S&P 500 Outlook: No-Deal Brexit Vote Likely Rejected

S&P 500: Familiar Resistance Holds Firm

The recovery in the S&P 500 has once again stumbled at the 2800 level. As US data continues to soften the outlook for US equity markets remain somewhat fragile. However, the current themes of US-China trade wars and an accommodative Fed are likely to keep the index supported. As such, near-term support at 2750 may indeed hold for now, while upside looks to be yet again capped from 2800-2820.

S&P 500 Price Chart: Daily Time Frame (Aug 2018 – Mar 2019)

FTSE 100, S&P 500 Outlook: No-Deal Brexit Vote Likely Rejected

RESOURCES FOR FOREX & CFD TRADERS

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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

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