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  • S&P 500 update. Here are the tactical levels on my radar. Important to note that overnight bids have been consistently faded this month. Seeing more of the same so far today. This is a considerable change in market behavior and speaks to risk-off undercurrents. #Stocks $SPX $ES https://t.co/fpDm0WO21h https://t.co/mi3V3uesnF
  • $Gold catching a bid ahead of #FOMC https://t.co/zEwlvLxapy https://t.co/nX2J1gufkw
  • $EURUSD trying to hold support in the fibonacci zone b/w 1709 and 1736, same that helped to catch the Q1 low one more level below that zone and its the 2021 low at 1664 $USD $DXY https://t.co/sntjlxZrnl
  • EUR/USD has been packed in tightly between two key kevels (1.1700/38) since the open on Sunday night. Get your $EURUSD market update from @HathornSabin here:https://t.co/y8SKCtGUFj https://t.co/7atjCSqVS0
  • 🇺🇸 Building Permits MoM (AUG) Actual: 6% Previous: 2.3% https://www.dailyfx.com/economic-calendar#2021-09-21
  • 🇺🇸 Housing Starts MoM (AUG) Actual: 3.9% Previous: -7% https://www.dailyfx.com/economic-calendar#2021-09-21
  • 🇨🇦 New Housing Price Index YoY (AUG) Actual: 12.2% Previous: 11.9% https://www.dailyfx.com/economic-calendar#2021-09-21
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here: https://t.co/rz7fqi8ZEe https://t.co/EZHni1zt9V
  • Heads Up:🇺🇸 Building Permits MoM (AUG) due at 12:30 GMT (15min) Previous: 2.3% https://www.dailyfx.com/economic-calendar#2021-09-21
  • Heads Up:🇺🇸 Housing Starts MoM (AUG) due at 12:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-09-21
Dow Jones, Oil, Gold Technical Outlook & More

Dow Jones, Oil, Gold Technical Outlook & More

Paul Robinson, Strategist

The Dow Jones opened yesterday right at the gap-fill we have been discussing as an initial target off the lows. It is inside a channel at the moment, and for now will use that as a guide. The market is heading higher as long as the underside trend-line is maintained, but if it breaks we may see another swoon back towards the low that developed around the 2015 peak, or worse. If the channel stays intact then the underside of the 2016 trend-line will be the next spot to look for the market to potentially weaken from.

Dow Jones Daily Chart (gap-filled, channel forming)

Dow Jones daily chart

Dow Jones Chart by TradingView

Oil tried to get up off the lows, with the help of some headlines recently, but it is fading back lower again. It is in a tough spot at the moment, with the spike off the lows having been half-way retraced. Will a higher low develop or are we about to see a new leg lower? Ideally, if we are to see more weakness then a consolidation phase develops first, then a breakdown. If oil is to bottom a higher low soon is needed before trying to breakout above 28.93.

Crude Oil Daily Chart (higher low or congestion pattern)

WTI crude oil daily chart

Crude Oil Chart by TradingView

To see all the charts we looked at, check out the video above…

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We also have a series of guides for those looking to trade specific markets, such as the S&P 500, Dow, DAX, gold, silver, crude oil, and copper.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

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

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