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. See our updated Privacy Policy here.

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
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
Oil - US Crude
Bullish
Wall Street
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
Gold
Bullish
GBP/USD
Mixed
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 Nasdaq 100 index has likely formed a bearish Gartley pattern, which hints at further downside potential. Negative MACD divergence on the weekly chart suggests that upward momentum may be fading. Get your market update from @margaretyjy here: https://t.co/GkMEkVA7YR https://t.co/E1vyCMVt6K
  • Struggling to define key levels? Floor-Trader Pivots assist traders in identifying areas in a chart where price is likely to approach and can be used to set appropriate targets, while effectively managing risk. Learn how to use this indicator here: https://t.co/Ye4m1G4lMu https://t.co/2TpkkUu7Hg
  • Tesla boss Elon Musk is seemingly running the cryptocurrency market single-handed this week with his tweets prompting a massive sell-off before today’s sharp rally. Get your market update from @nickcawley1 here: https://t.co/qGci02osOP https://t.co/Yp24Sakrfl
  • What suits your style of trading stocks or commodities? Find out what are the differences in these two markets here: https://t.co/BnA07cMV0s https://t.co/LDP3HlN4A3
  • GBP/USD on the front foot to close the week. Bulls aim for YTD peak, while EUR/GBP range is maintained. Get your market update from @JMcQueenFX here: https://t.co/neGBchlJ0O https://t.co/KME51FSF0D
  • What's the difference between leading and lagging indicators? Find out from here: https://t.co/vGx8HCrRwD https://t.co/7w5jodyzj0
  • Dealing with the fear of missing out – or FOMO – is a highly valuable skill for traders. Not only can FOMO have a negative emotional impact, it can cloud judgment and overshadow logic. Learn how you can control FOMO in your trading here: https://t.co/lgDf5cVYOn https://t.co/L3LPCph2ST
  • Make smart trading decisions with your free guide to trade the news. Download your free guide here.https://t.co/pb5E2KgRzW #DailyFXGuides https://t.co/ysxKO30ZWw
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/5nHxtlZ7nn
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfJhp91 https://t.co/lqpXwWjVFt
S&P 500, Dow Jones Forecast: Risk-Taking Cut Back Ahead of FOMC

S&P 500, Dow Jones Forecast: Risk-Taking Cut Back Ahead of FOMC

Justin McQueen, Analyst

S&P 500, Dow Jones Price Analysis & News

Relative calm in the equity space with US futures signalling a slight softness in light of a subdued lead from Europe. That said, much of the excitement is in the precious metals complex, which saw another volatile session. This had been particularly evident in silver as the precious metal saw a firm rejection of the $26 handle to the low $22s. Therefore, providing market participants a reminder that while markets are bullish on precious metals, the market does not simply just go in one direction.

S&P 500| Risk-Taking Lighten Up Ahead of FOMC

Yesterday saw downside in the S&P 500, once again finding support at 3210-3215. However, with the failure to reach the February gap (3260), risks are for a retest of support. As we noted in our weekly forecast, technical divergence highlights the bearish risks facing the S&P 500. On the downside, a break below 3210 opens up the door to 3177-85.

On the macro front, a resurgent in COVID cases across parts of Europe are seemingly beginning to unnerve investors; however, it would take a reimposition of lockdown measures to spark renewed selling. Elsewhere, risk-taking is maybe a touch lighter ahead of tomorrow’s FOMC, where all the focus will be on the accompanying statement, as well as the Q&A. US earnings will also garner attention with 37% of S&P 500 companies reporting this week.

S&P 500 Price Chart: Daily Time Frame

S&P 500, Dow Jones Forecast: Risk-Taking Cut Back Ahead of FOMC

Source: Refinitiv

10 Most Popular Candlestick Patterns

Dow Jones | Potential for Interim Top

Much like the S&P 500, the Dow Jones is at risk of forming an interim top, as the index slides to the 21DMA at 26250. Failure to hold, places the initial focus onto 26000, which increases the likelihood of the beginning of a wider pullback. As such, we place close attention to the aforementioned Fed meeting, in which Chair Powell will have to walk a tight rope to provide enough dovish signals to meet dovish demands. That said, on the topside, key resistance is situated at 27000.

Dow Jones Price Chart: Daily Time Frame

S&P 500, Dow Jones Forecast: Risk-Taking Cut Back Ahead of FOMC

Source: Refinitiv

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

DISCLOSURES