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
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
Mixed
Gold
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
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • The US Dollar could gain as it forms bullish technical formations against the Singapore Dollar and Malaysian Ringgit. USD/PHP may have bottomed, will USD/IDR rise next? Find out from @ddubrovskyFX here:https://t.co/3UIKmbLIvD https://t.co/PY2YyH4vkQ
  • The Indian Rupee may be at risk to the US Dollar as USD/INR attempts to refocus to the upside. This is as the Nifty 50, India’s benchmark stock index, could fall further. Get your $USDINR market update from @ddubrovskyFX here:https://t.co/3wsYlSxd26 https://t.co/z2qB9p8IgX
  • A proxy of #EmergingMarket capital flows hit its lowest since July, falling with the #SP500 after some divergence This is as #USD gained against its developing FX counterparts, highlighting potential risk of a spillover outwards Stay tuned for next week's #ASEAN fundy outlook! https://t.co/kAvpnb0EXO
  • 4 consecutive down weeks for the #SP500, last matched over a year ago #Fed balance sheet continues to gain very cautiously, now at its highest since the middle of June. Still, at slower pace than last week Focus shifts to US fiscal stimulus next week in the House of Reps https://t.co/f8zpSILm86
  • #Gold prices have broken lower and while the broader technical structure is constructive, the risk remains for a deeper correction before resumption. Get your $XAUUSD technical analysis from @MBForex here: https://t.co/7p3jPx6nQd https://t.co/nnCSdt6OV5
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.00% 🇳🇿NZD: -0.02% 🇯🇵JPY: -0.15% 🇨🇭CHF: -0.23% 🇦🇺AUD: -0.25% 🇪🇺EUR: -0.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/O8Qb7OHZza
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.30% Gold: -0.33% Silver: -0.92% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/lEALo4Z1M9
  • The S&P 500 breakdown is testing the first major zone of support and we’re looking for a reaction. Get your S&P500 technical analysis from @MBForex here:https://t.co/JrTNmQ5c7g https://t.co/D79T1134P9
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.29%, while traders in EUR/GBP are at opposite extremes with 65.04%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/lzTHuIgzFQ
  • US Equities Update (Friday Close): $DJI +1.34% $SPX +1.60% $NDX +2.34% $RUT +1.59% $VIX -7.93%
S&P 500 Faces Key Chart Barrier, Hang Seng Index Looks for Support

S&P 500 Faces Key Chart Barrier, Hang Seng Index Looks for Support

2020-08-11 01:00:00
Margaret Yang, CFA, Strategist
Share:

S&P 500, HANG SENG, ASX 200 INDEX OUTLOOK:

  • S&P 500 index climbed 0.27% to a key resistance at 3,360. Futures dropped slightly
  • Hang Seng index extended its consolidation as Tencent fell, eyeing key support at 24,400
  • ASX 200 index challenges key resistance at 6,100 – the upper bound of ‘ascending triangle’

S&P 500 Index Outlook:

The S&P 500 index stock benchmark ended higher on Monday, lifted by cyclical-sensitiveenergy(+3.08%), industrials (+2.43%) and materials (+0.99%) sectors, whereas communication services (-0.46%), healthcare (-0.34%) and information technology (-0.33%) were lagging behind.

Boeing surged 5.52% last night to US$ 179.41, sending Dow Jones 1.3% higher. Boeing alone contributed 1% of Dow’s total gain. The US Transportation Security Administration announced that over 831k travelers were passed through US airports on Sunday – nearly a tenfold compared to the April level. Airline companies and energy firms were largely underpinned by favorable news.

TheTechnology sector, however, struggled to stay buoyant as Microsoft’s bid for TikTok’s US operations appeared to have stalled. Microsoft fell 1.99% to US$ 208.25, dragging the Nasdaq index 0.39% lower.

Today’s key economic data includes Japan’s current account balance, Australia’s business confidence reading and Singapore’s 2Q final GDP figure.

S&P 500 Sector performance 11-8-2020

S&P 500 Faces Key Chart Barrier, Hang Seng Index Looks for Support

Technically, the S&P 500 index has reached a key resistance at 3,360 – the 200% Fibonacci extension. This level is also beneath its all-time high of 3,390 seen in mid-February this year. The index is trending up in a ‘ascending channel’ as plotted in the graph below, and its overall trend remains bullish.

S&P 500 IndexDaily Chart

S&P 500 Faces Key Chart Barrier, Hang Seng Index Looks for Support

Hang Seng Index Outlook:

Hong Kong’s Hang Seng Index stock benchmark (HSI) extended its consolidation on Monday, falling 0.63% as Tencent plunged 4.83% on potential US sanctions. Other Chinese technology firms including Alibaba, Xiaomi and JD.COM also fell by a lesser extent.

Hang Seng’s performance has diverged from the Shanghai Composite these days, dragged by a poor domestic economy and ongoing US-China tensions. The Shanghai Composite has climbed to 3,379.25, which is only 2% below its high seen in early July. The overall trend remains bullish for the Shanghai Composite.

Hang Seng Index Sector performance 11-8-2020

S&P 500 Faces Key Chart Barrier, Hang Seng Index Looks for Support

Technically, Hang Seng is finding support at 24,400, breaking which will probably open room to more downside towards the 61.8% Fibonacci retracement at 24,130. The overall trend remains bearish in the near term as its 20-Day Simple Moving Average (SMA) has crossed below the 50-Day SMA.

Hang Seng IndexDaily Chart

S&P 500 Faces Key Chart Barrier, Hang Seng Index Looks for Support

ASX 200 Outlook:

Technically, Australia’s ASX 200 index is attempting to break a key resistance level at 6,100 – the upper bound of its ‘ascending triangle’ as drawn in the graph below. The index has attempted this a few times without a meaningful breakout. Investors are eyeing the approval of the US stimulus package for some positive catalysts. Rising commodity prices may also provide ASX with some solid support.

ASX 200 IndexDaily Chart

S&P 500 Faces Key Chart Barrier, Hang Seng Index Looks for Support
Building Confidence in Trading
Building Confidence in Trading
Recommended by Margaret Yang, CFA
Don’t give into despair, make a game plan
Get My Guide

--- Written by Margaret Yang, Strategist for DailyFX.com

To contact Margaret, use the Comments section below or @margaretyjy on Twitter

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

DISCLOSURES