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
Subscribe
Please try again
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Bearish
Gold
Bearish
GBP/USD
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
USD/JPY
Bullish
More View more
Real Time News
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here: https://t.co/7t4BzmLg8w https://t.co/k2YkjBeSdW
  • RT @FxWestwater: Australian Dollar, APAC Markets Focus on Bond Yields to Start March Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2021/03/01/Australian-Dollar-APAC-Markets-Focus-on-Bond-Yields-to-Start-March.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr $AUDUSD https://t.co/py…
  • 🇦🇺 Investment Lending for Homes (JAN) Actual: 9.4% Previous: 8.2% https://www.dailyfx.com/economic-calendar#2021-03-01
  • 🇦🇺 Home Loans MoM (JAN) Actual: 10.9% Previous: 8.7% https://www.dailyfx.com/economic-calendar#2021-03-01
  • Wall Street IG Client Sentiment: Our data shows traders are now net-long Wall Street for the first time since Feb 01, 2021 when Wall Street traded near 30,246.40. A contrarian view of crowd sentiment points to Wall Street weakness. https://www.dailyfx.com/sentiment https://t.co/Qv5JIJxF2M
  • Aussie 10-year yield extends drop to 32 basis points after RBA buy notice - BBG $AUD
  • RBA to buy A$4 billion of longer-dated bonds, double usual size - BBG $AUD
  • Heads Up:🇦🇺 Investment Lending for Homes (JAN) due at 00:30 GMT (15min) Previous: 8.2% https://www.dailyfx.com/economic-calendar#2021-03-01
  • Heads Up:🇦🇺 Home Loans MoM (JAN) due at 00:30 GMT (15min) Previous: 8.7% https://www.dailyfx.com/economic-calendar#2021-03-01
  • 🇰🇷 Balance of Trade (FEB) Actual: $2.71B Previous: $3.76B https://www.dailyfx.com/economic-calendar#2021-03-01
S&P 500 and DJIA Look to Test Key Trendline, Mid-Term Election May be Catalyst

S&P 500 and DJIA Look to Test Key Trendline, Mid-Term Election May be Catalyst

Justin McQueen, Analyst

Equity Analysis and News

  • S&P 500 | Dead Cat Bounce?
  • DJIA | Trendline Support Back into Play

Price

200DMA

RSI

IG Sentiment

Europe

FTSE 100

7094

7462

61

Mixed

DAX

11518

12426

48

Mixed

CAC 40

5102

5354

49

Mixed

FTSE MIB

19390

21936

48

-

US

S&P 500

2711

2762

46

Bullish

DJIA

25164

25093

50

Mixed

Nasdaq 100

6941

7130

43

-

Asia

Nikkei 225

21912

22431

44

-

Shanghai Composite

2676

3023

59

-

ASX 200

5849

6067

51

-

S&P 500 | Dead Cat Bounce?

The S&P 500 had made a modest recovery following support at the rising trendline stemming from the 2018 low. However, topside resistance in the form of the 200DMA held firm and in turn sees the index paring back the highs of the week. Investors will be placing a keen eye on the Mid-Term elections which could see a jump in volatility for equity markets. Based on recent polling data and historical performances in Mid-Term elections, the Republican party are at risk of losing the Lower House to the Democratic, which may place pressure on US indices. Support in the S&P 500 is seen at 2690-2700, a break below raises scope for another test of the rising trendline. (Mid-Term Election Preview)

S&P 500 Price Chart: Daily Time Frame (Dec 2017Nov 2018)

S&P 500 and DJIA Look to Test Key Trendline, Mid-Term Election May be Catalyst

DJIA | Trendline Support Back into Play

Much like the S&P 500, the trendline support is back into play for the Dow Jones following the rejection off the 100DMA, while the price had also been notably exhausted above the 50% Fibonacci Retracement. Robust growth in the US, alongside, wages rising at its fastest pace since 2009 may stoke a more optimistic Fed on its current assessment on the US economy and thus adding pressure on US equity markets. Despite the recovery in equity markets, sentiment remains fragile and risks remain tilted to the downside.

DJIA Price Chart: Daily Time Frame (Dec 2017 – Oct 2018)

S&P 500 and DJIA Look to Test Key Trendline, Mid-Term Election May be Catalyst

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.

DISCLOSURES