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
Oil - US Crude
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
More View more
Real Time News
  • Consolidation or bull flag? A bull flag is a continuation pattern that occurs as a brief pause in the trend following a strong price move higher. Learn how to better spot these formations here: https://t.co/yOEvLjKnct https://t.co/0ZqB956gzL
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.64%, while traders in Wall Street are at opposite extremes with 72.03%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/U4iArvw7Al
  • LIVE NOW: Join Technical Strategist @MBForex for his Weekly Strategy Webinar to review the setups we're tracking into the open! - https://t.co/chKtG7ezG9
  • Forex Update: As of 12:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.33% 🇯🇵JPY: 0.19% 🇪🇺EUR: 0.13% 🇳🇿NZD: 0.05% 🇨🇦CAD: 0.04% 🇦🇺AUD: -0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/8aD0rHNpKv
  • Weekly Strategy Webinar starting in 15mins on DailyFX!! https://t.co/lxd5fZ5LG7
  • Please join @MBForex at 8:30 EST/12:30 GMT for your weekly scalping webinar. Register here: https://t.co/VGr4ZK3QZ9 https://t.co/FGuM1EAoYH
  • BoE's Vlieghe reiterates view that inflation peak is likely temporary $GBP
  • Goldman Sachs lowers Q3 US GDP forecast to 8.5% from 9.5%
  • Heads Up:🇧🇷 BCB Focus Market Readout due at 11:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-07-26
  • BoE's Vlieghe: Appropriate to keep the current monetary stimulus in place for several quarters at least, and probably longer. And when tightening does become appropriate, I suspect not much of it will be needed, given the low level of the neutral rate. #GBP @DailyFX
S&P 500 Leaps to All-Time High on Infrastructure Agreement

S&P 500 Leaps to All-Time High on Infrastructure Agreement

Rich Dvorak, Analyst

STOCK MARKET OUTLOOK: S&P 500 INDEX HITS NEW RECORD AS BIDEN, SENATE REACH INFRASTRUCTURE DEAL

  • The S&P 500 Index is on pace to close at a new all-time high as stocks gain ground
  • S&P 500 price action putting in a strong session with news of an infrastructure deal
  • President Biden tweets that a bipartisan infrastructure agreement has been reached
Advertisement

The S&P 500 Index is pacing a 0.6% gain on Thursday and looks set to close at a fresh record high. Stocks have bounced back notably since investors threw a minor tantrum over the threat of Fed tapering last week. This seems to follow FOMC officials like Chair Powell downplaying rate hike risk in his recent congressional testimony.

Volatility has correspondingly normalized, which in turn, appears to be helping risk appetite recover and push stocks back higher. Another bullish catalyst likely propelling S&P 500 price action is President Joe Biden announcing that a bipartisan group of ten senators have come together to forge an infrastructure agreement.

PRESIDENT BIDEN ANNOUNCES INFRASTRUCTURE DEAL HAS BEEN STRUCK

Chart of President Biden Tweet on Reaching Infrastructure Agreement

Republican senator Susan Collins stated that a deal has been reached for the price tag and scope of President Biden’s infrastructure package. Biden acknowledged in a tweet announcing the agreement that he expects the infrastructure deal to create millions of American jobs. It is said that the infrastructure plan agreed upon will cost roughly $560-billion. Congressional leaders have agreed to hold votes on a bipartisan infrastructure package in addition to having a budget resolution that fast-tracks the rest of President Biden’s $4-trillion infrastructure package sometime in July.

S&P 500 INDEX PRICE CHART: DAILY TIME FRAME (18 FEB TO 24 JUN 2021)

SP500 Index Price Chart Stock Market Forecast

Chart by @RichDvorakFX created using TradingView

The market’s reaction to the infrastructure agreement announcement sees the S&P 500 and other major stock indices like the Dow Jones and Nasdaq extending their advances to session highs. S&P 500 price action currently trades at its upper Bollinger Band near the 4,270-level. Follow-through into the end of the week could prime stocks for an extended breakout to subsequent all-time highs. That said, high-impact event risk posed by the upcoming release of monthly PCE inflation data could spoil the rally by stocks if the data is reported materially hotter-than-expected.

-- 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