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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
Wall Street
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
  • BoE's Haskel says too early to say if vaccine news will significantly improve the bank's economic outlook for 2021 $GBP
  • Heads Up:🇩🇪 Bundesbank Mauderer Speech due at 13:00 GMT (15min)
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here:
  • 🇲🇽 Unemployment Rate (OCT) Actual: 4.7% Expected: 5% Previous: 5.1%
  • 🇲🇽 Mid-month Inflation Rate YoY (NOV) Actual: 3.43% Expected: 3.63% Previous: 4.09%
  • 🇲🇽 Unemployment Rate (OCT) Actual: 4.7 Expected: 5% Previous: 5.1%
  • 🇲🇽 Mid-month Inflation Rate YoY (NOV) Actual: 3.43 Expected: 3.63% Previous: 4.09%
  • 🇲🇽 Mid-month Inflation Rate MoM (NOV) Actual: 0.04% Expected: 0.24% Previous: 0.54%
  • GBPCHF remains interesting...all 3 moving averages look positive, with added 50-/200-sdma 'golden cross' being formed, horizontal resistance being probed #sterling #gbpchf @DailyFXTeam
  • Heads Up:🇯🇵 BoJ Gov Kuroda Speech due at 12:05 GMT (15min)
S&P 500 Outlook: Index Fights Resistance, US Grounds Boeing 737 Max Models

S&P 500 Outlook: Index Fights Resistance, US Grounds Boeing 737 Max Models

2019-03-13 18:45:00
Peter Hanks, Analyst

S&P 500 Outlook Talking Points:

S&P 500 Outlook: Index Fights Resistance, US Grounds Boeing 737 Max Models

The S&P 500 probed a key technical level in Wednesday’s trading as bulls look to notch a close above the 2815 to 2817 range. A close comfortably above 2815 could open the door for a continuation higher. Elsewhere, the Dow Jones remains a laggard this week with Boeing to blame.

S&P 500 Price Chart: 4 – Hour Time Frame (October 2018 – March 2019) (Chart 1)

S&P 500 price chart on boeing news

The world’s largest airplane-maker has now had two-thirds of its 737 Max models grounded - as of this morning. As of the afternoon, US President Donald Trump followed the lead of many other countries and announced officially that he was grounding the united States' fleet of that model plane, sending Boeing's shares even lower. Of the major developed economies, only Japan continues to operate the plane. Boeing's underperformance continues to contribute heavily to the price divergence between the S&P 500 and the Dow Jones.

Dow Jones Price Chart: 5 – Minute Time Frame (March 11 – March 13) (Chart 2)

S&P 500 price chart and dow jones price chart

However, other stocks have also mounted considerable changes this week thereby contributing to the divergence. On Monday, Apple and Nvidia were accountable for a large portion of the S&P 500’s stellar performance. As the week progressed, S&P 500 components have continued their broader outperformance with the percentage of stocks in the S&P 500 above their 5-day moving average climbing versus the percentage of Dow components above their 5-day moving average.

S&P 500 Price Chart: Daily Time – Frame (August 2018 – March 2019) (Chart 3)

S&P 500 price chart moving averages

Difference between % of S&P 500 stocks above 5DMA and % of Dow Jones stocks above 5DMA in red

While single-stock components appear largely to blame this week, the make-up of the indices is also to blame. The S&P 500’s exposure to higher-growth components allows it to frequently outpace the blue-chip-based Dow Jones on positive days. Conversely, the blue-chip index often outperforms the S&P 500 on more “risk-off” trading sessions.

With Boeing boasting the best year-to-date performance in the Dow Jones, despite this week’s precipitous decline, the Industrial Average has had to come to terms with divergence, likely at a faster pace than usual. That said, a break above 2815 in the S&P 500 could see the indices drift further apart as the sentiment-leveraged growth appetite conflicts with targeted concerns for companies like Boeing to drag on the Dow.

--Written by Peter Hanks, Junior Analyst for

Contact and follow Peter on Twitter @PeterHanksFX

Read more: Stock Market Fund Flows: S&P 500 Retreat Sparks Demand for Defensives

DailyFX forecasts on a variety of currencies such as the US Dollar or the Euro are available from the DailyFX Trading Guides page. If you’re looking to improve your trading approach, check out Traits of Successful Traders. And if you’re looking for an introductory primer to the Forex market, check out our New to FX Guide.

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