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
Bullish
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
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
Wall Street
Bullish
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
Gold
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
GBP/USD
Bullish
USD/JPY
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
More View more
Real Time News
  • The #USD spent the bulk of Q2 in a range after a climactic Q1; and with a series of risk themes continuing to push, combined with an election in November, the door appears open for more vol in USD. Download our USD trading guide here: https://t.co/2Wo7EcwAht https://t.co/BA5dWk4wTt
  • $USD hegemony is at risk thanks to changes in the global economy and the long-term consequences of the US-China trade war. Get your market update from @CVecchioFX here:https://t.co/5GO9UrvO4y https://t.co/OTTEmg76W8
  • The immediate focus is on a break of this multi-week consolidation formation in the Australian Dollar with the broader rally vulnerable while below 7042. Get your AUD technical analysis here: https://t.co/iEYos1ioBc https://t.co/kuzB3Eqps0
  • #Gold prices have rallied to nine-year highs with the breakout testing multi-year uptrend resistance into the open of Q3. Can the rally be sustained? Download our latest Gold trading guide!: https://t.co/3KO2QWOnOt https://t.co/YIIGZdeIAJ
  • Why financial market traders must monitor both monetary and fiscal policy? Find out from @MartinSEssex here:https://t.co/Fkzk88Y5gm https://t.co/zerRXZC1Tq
  • Get your snapshot update of the of relative currency strength and exchange status from around the globe here: https://t.co/DmhBkd4B0k https://t.co/uj93z2SHpH
  • The Australian Dollar’s surge from the March lows may be coming to an end as bearish patterns begin to line up on multiple time-frames. Check out our #AUD trading guide to learn more here: https://t.co/pjfm07tqFd https://t.co/VypHLra1ER
  • The Evening Star candlestick is a three-candle pattern that signals a reversal in the market and is commonly used to trade forex. Learn more about the evening star candlestick pattern here: https://t.co/8OTE7m01IG https://t.co/Vumcng7UB3
  • After a miraculous recovery in Q2, equity markets will be left juggling the Fed’s policy and the threat of a second covid wave, all in an election year. Evidently, traders will have their hands full in Q3. Read our equity forecast here: https://t.co/JARqbOKIeM https://t.co/Ms6zEucjqg
  • Hey traders! I'm sure you've all heard about trend trading. Sharpen your knowledge here: https://t.co/jkliL5sxj7 https://t.co/uvlv1MCAHI
S&P 500 Price Outlook: VIX ‘Fear-Gauge’ Falls as Oil Rises

S&P 500 Price Outlook: VIX ‘Fear-Gauge’ Falls as Oil Rises

2020-06-29 17:30:00
Rich Dvorak, Analyst
Share:

STOCK MARKET OUTLOOK: S&P 500 INDEX DEFENDS 3,000-PRICE LEVEL AS CRUDE OIL REBOUNDS, VIX ‘FEAR-GAGE’ RECEDES

  • Stock market benchmarks like the S&P 500, Dow Jones, Nasdaq surge to start the trading week
  • Crude oil price action advances despite halted reopening measures as new virus cases spike
  • VIX Index takes a tumble ahead of high-impact event risk and economic data releases on deck

Stocks are trading on their front-foot following a sluggish start to Monday’s session and last week’s volatile market conditions. Throughout the month of June, stock market bulls and bears have battled over key technical barriers, which leaves S&P 500 performance roughly flat month-to-date.

US 500 BULLISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -9% 0% -3%
Weekly -26% 11% -3%
What does it mean for price action?
Get My Guide

This comes amid lingering investor uncertainty as coronavirus optimism stalls owing to a recent explosion in the number of new virus cases. However, the lack of rising hospitalizations and mortality rates provide conflicting, though encouraging, anecdotal evidence that likely facilitates the rebound in consumer confidence and a stable economic recovery.

S&P 500 INDEX PRICE CHART, CRUDE OIL OVERLAID: 1-HOUR TIME FRAME (24 APR TO 29 JUN 2020)

S&P 500 Index Price Chart Correlation with Crude Oil Stock Market Forecast

Chart created by @RichDvorakFX with TradingView

That said, perhaps the direction of crude oil price action could serve as a bellwether to where the S&P 500 index heads next. This is considering the price of crude oil tends to react violently to changes in global GDP growth outlook, which is often associated with a material impact on crude oil demand broadly following the ebb and flow of business activity.

Oil Forecast
Oil Forecast
Recommended by Rich Dvorak
Get Your Free Oil Forecast
Get My Guide

S&P 500 PRICE CHART, VIX INDEX OVERLAID: 5-MINUTE TIME FRAME (25 JUN TO 29 JUN 2020)

S&P 500 VIX Index Price Chart Stock Market News

Chart created by @RichDvorakFX with TradingView

If local governments continue to back-track on their coronavirus lockdown reopening guidelines amid rising second wave risk, or if major companies like Apple voluntarily announce more store closures, there is potential for a bearish reaction in both crude oil as well as the S&P 500 due to this rekindled market threat and lingering public health pandemic.

Equities Forecast
Equities Forecast
Recommended by Rich Dvorak
Get Your Free Equities Forecast
Get My Guide

Investor sentiment correspondingly remains vulnerable as suggested by the relatively ‘sticky’ S&P 500 VIX Index. Nevertheless, a string of high-impact event risk and data releases scheduled on the economic calendar this week, such as monthly reports on consumer confidence or nonfarm payrolls, have serious potential of weighing on stocks and crude oil price action.

Keep ReadingGold Price Eyes Jobless Claims Data as New Virus Cases Spike

-- Written by Rich Dvorak, Analyst for DailyFX.com

Connect with @RichDvorakFX on Twitter for real-time market insight

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

DISCLOSURES

News & Analysis at your fingertips.