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
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
Oil - US Crude
Mixed
Wall Street
Bearish
Gold
Mixed
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • Commodities Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.78% Gold: -0.08% Silver: -1.30% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/IAVwDXVRQV
  • Latest RBNZ decision due in the early hours (03:00BST) - Don't expect fireworks, given last months easing package - Past three meetings have seen NZD drop 0.5-0.8%. - Cycle of post RBNZ Kiwi selling may reverse with Orr appearing less concerned over $NZD https://t.co/06ScYdcvBB
  • After yesterday’s risk aversion, it appears that a turnaround Tuesday is in order as European equities and US futures recover slightly, led by the tech space. Get your market update from @JMcQueenFX here: https://t.co/5Ao8aqSFhE https://t.co/JZGdLMC1IN
  • Heads Up:🇺🇸 Fed Evans Speech due at 14:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-09-22
  • Heads Up:🇺🇸 Existing Home Sales MoM (JUL) due at 14:00 GMT (15min) Expected: 2.4% Previous: 24.7% https://www.dailyfx.com/economic-calendar#2020-09-22
  • Heads Up:💶 Consumer Confidence Flash (SEP) due at 14:00 GMT (15min) Expected: -14.6 Previous: -14.7 https://www.dailyfx.com/economic-calendar#2020-09-22
  • Indices Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Germany 30: 1.30% FTSE 100: 0.90% France 40: 0.72% US 500: 0.49% Wall Street: 0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/FZK4kbEVcr
  • Senior Biden Adviser says US-China phase 1 trade deal has been a debacle, adds that Biden would use tariffs in aggressively enforcing US trade laws if elected
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.45%, while traders in NZD/USD are at opposite extremes with 69.15%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/2u8wGqACUR
  • Forex Update: As of 12:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.07% 🇨🇦CAD: -0.05% 🇨🇭CHF: -0.10% 🇬🇧GBP: -0.16% 🇦🇺AUD: -0.22% 🇪🇺EUR: -0.26% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/88MAfkG7Nt
Dow Jones, S&P 500, Nasdaq 100 Price Outlooks for the Week Ahead

Dow Jones, S&P 500, Nasdaq 100 Price Outlooks for the Week Ahead

2019-05-28 17:05:00
Peter Hanks, Analyst
Share:

Dow Jones, S&P 500, Nasdaq 100 Price Outlook:

Dow Jones, S&P 500, Nasdaq 100 Price Outlooks for the Week Ahead

The Dow Jones enjoyed a gap higher Tuesday morning, a reassuring sign for equity bulls who have found themselves on the backfoot in the month of May. That said, optimism was short-lived as bears looked to regain control after running into topside resistance around 25,710. The trendline originates from the highs on May 1 and is particularly steep. Should bears look to keep the Dow Jones beneath it, further selling pressure will be needed as the Index quickly runs out of space.

Dow Jones Price Chart: 1 – Hour Time Frame (February – May 2019) (Chart 1)

Dow jones price chart

On the other hand, the Average enjoys multiple areas of support – with some offering more buoyancy than others. A confluence of Fibonacci levels around 25,520 has sparked price indecision in the past and will pose the first barrier to a move lower. Beyond that, a range of support marked by the swing-low in late March will meet the beginnings of a trendline from the lows etched in May. Should that area of confluence fail to hold, the final line in the sand is marked by the lows of March around 25,200. A break beneath 25,200 would likely provide technical traders and sentiment-watchers the evidence to justify further selling.

S&P 500 Price Outlook

The S&P 500 faces similar technical patterns, negotiating steep topside resistance and a litany of support beneath. Resistance to be mindful of exists around 2,838, while initial support will be offered by the ascending trendline from the lows of March and May. However, the line’s price influence may be reduced following a break beneath last week.

S&P 500 Price Chart: 1 – Hour Time Frame (March – May 2019) (Chart 2)

S&P 500 price chart outlook

But that break has helped to produce another trendline – marked by the lows on May 13 and 23. That trendline, coupled with the two Fib levels, should provide considerable support in the 2,810 to 2,814 range. The final level to watch is 2,800. As with the Dow Jones, a break beneath this key level would open the door for deeper losses.

Nasdaq 100 Price Outlook

Unlike the Dow Jones and S&P 500, the Nasdaq faces considerable nearby resistance. Three Fib levels stand in the path to 7,400, which can only be tested after a break above the support-turned-resistance trendline around 7,366. The level stalled an early move higher in Tuesday trading, and will likely remain the first barrier to higher-highs.

Nasdaq 100 Price Chart: 1 – Hour Time Frame (May 2019) (Chart 3)

Nasdaq 100 price chart outlook

Beneath, the tech-heavy Index enjoys two Fib levels at 7,290. While each of the Fib levels in-play command varying degrees of respect, each has shown the ability to influence price over shorter time frames. With that in mind, stops and targets should be set accordingly. Over longer periods, traders should be wary of breaks of necessity like last Thursday, when the Dow Jones and S&P 500 fell out of their respective wedges.

The economic calendar for the week ahead is filled with important events as traders look to navigate fundamental themes – many of which could fuel another gap. Check out the weekly fundamental forecast for the Dow Jones, DAX 30, and FTSE 100 for deeper insight on the driving themes and follow @PeterHanksFX on Twitter for equity updates on Twitter.

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

Contact and follow Peter on Twitter @PeterHanksFX

Read more: Will the Stock Market Crash in 2019?

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.

DISCLOSURES