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  • The future taper isn't enough to urge the Dollar to a critical bullish break. In turn, $EURUSD has reversed shy of of August's trough and keeps in play an inverse head-and-shoulders pattern with a neckline at 1.19
  • USD/CAD testing short-term moving average support. Traders have cut their long exposure over the week. Get your market update from @nickcawley1 here:
  • In the West, that qualifies as a default action. Let's see how it is treated in the world's second largest economy
  • Some Evergrande offshore bondholders do not expect company to make interest payment by Thursday deadline
  • The flash September US PMIs slowed more sharply than expected. That was a general trend across the developed world with most economies continuing to slow from their post-Pandemic peak recovery paces
  • 🇺🇸 CB Leading Index MoM (AUG) Actual: 0.9% Expected: 0.7% Previous: 0.8%
  • $SPY showing some strength, support at the 50, res at the 23.6 $SPX $ES
  • 🇺🇸 Markit Manufacturing PMI Flash (SEP) Actual: 60.5 Expected: 61.5 Previous: 61.1
  • Heads Up:🇺🇸 CB Leading Index MoM (AUG) due at 14:00 GMT (15min) Expected: 0.7% Previous: 0.9%
  • Bank of England left policy measures unchanged as expected with the Bank Rate remaining at 0.1% and gilt purchases at GBP 875bln.Get your $GBP market update from @JMcQueenFX here:
SPX 500 Head-and-Shoulders, Break or Fake?

SPX 500 Head-and-Shoulders, Break or Fake?

Paul Robinson, Strategist

Talking Points:

  • SPX500 head-and-shoulders pattern receiving a lot of attention in the media
  • Being careful not to anticipate the break, a different pattern could emerge
  • IF a break occurs, last October lows likely to be tested

Currently, there are a lot of eyes on the head-and-shoulders pattern in the S&P 500, which is generally regarded as a red flag. It plays to the notion that popular opinion is generally the wrong one. This does not mean it won’t play out as ‘expected’. The textbook way to play H&S formations is to wait for a confirmed break of the neckline (1975 in this case); the conservative way is to wait for a break and retest of the neckline before taking entry. Target set near October lows between 1819 & 1860. IF we do not see a break in the neckline, a triangle formation could be in development, meaning more time before a material move occurs.

SPX500 4-HR: Oct ’14 – Present

SPX 500 Head-and-Shoulders, Break or Fake?

--- Written by Paul Robinson, DailyFX Research

To contact Paul, you can email him at

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