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.

Free Trading Guides Download
EUR/USD
Bullish
GBP/USD
Mixed
USD/JPY
Bearish
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
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
Bitcoin
Bearish
More View more
Real Time News
  • US Treasury Yields: 2-Year: 1.113% 3-Year: 1.101% 5-Year: 1.112% 7-Year: 1.219% 10-Year: 1.304% 30-Year: 1.792% $TNX
  • We are cognisant of the fact that with month-end looming, given the outperformance in bonds over equities (US bonds outperforming S&P 500 by over 6%). Where is the market heading while #coronavirus continues to spark panic. Find out from @JMcQueenFX here:https://t.co/NZN1yuel13 https://t.co/n5GrdImX3B
  • US 7-Year Notes Draw 1.247% Primary Dealers Awarded: 23.9% Indirect Bidders Accepted: 63.0% Direct Bidders Accepted: 13.1% B/C Ratio: 2.49
  • some tech issues today so may be intermittent interruptions. but given vol the show must go on. webinar starts right now https://www.dailyfx.com/webinars/643096611
  • Right now at the White House @RampCapitalLLC https://t.co/LXGGmrXWvM
  • Fed's Evans: - Have more capacity for accommodation if necessary - Policy action change is premature until more data gathered - Monitoring impact from virus closely $DXY $SPX
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.07%, while traders in USD/CAD are at opposite extremes with 68.92%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/1ZBu6ad3CP
  • spoooz 90 handles off the lows... think this report his helping out https://t.co/CjF9SBeoN8 https://t.co/DPFlJGydyv
  • The #Dow Jones is sitting on the 200-day and June 2019 slope, a break through there might not extend to this point, but the next level of price support is near the 25,700/300-area.Get your #equities technical analysis from @PaulRobinsonFX here: https://t.co/VeB7yZTFAE https://t.co/JbwyWK7ngZ
  • Commodities Update: As of 17:00, these are your best and worst performers based on the London trading schedule: Gold: 0.20% Silver: -0.97% Oil - US Crude: -2.79% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/aDLxbVyb1U
S&P 500 Probes Below Support, Hinting US Dollar Rally May Resume

S&P 500 Probes Below Support, Hinting US Dollar Rally May Resume

2011-12-19 06:38:00
Ilya Spivak, Sr. Currency Strategist
Share:

THE TAKEAWAYThe S&P 500 is probing below support, hinting at the resumption of the down trend and promising to reboot the rally in the safe-haven US Dollar.

S&P 500 – Prices are testing below Support at 1210.80, the 50% Fibonacci retracement level, with a confirmed break on a daily close below this boundary exposing the 61.8% Fib at 1196.30. This would also invalidate the cautiously bullish Harami candlestick pattern identified last week, opening the door for continuation of the larger down trend, although we suspect building meaningful momentum into the year-end may prove difficult. For the time being resistance is at 1225.40, the 38.2% Fib.

SP_500_Probes_Below_Support_Hinting_US_Dollar_Rally_May_Resume_body_Picture_5.png, S&P 500 Probes Below Support, Hinting US Dollar Rally May Resume

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices are testing the bottom of a falling channel set from mid-November, with a Shooting Star candlestick hinting a bounce may be ahead. Initial resistance lines up at 94.58, with a push above that targeting the December 9 low at 97.35. Alternatively, a break lower initially exposes 90.49.

SP_500_Probes_Below_Support_Hinting_US_Dollar_Rally_May_Resume_body_Picture_6.png, S&P 500 Probes Below Support, Hinting US Dollar Rally May Resume

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices bounced higher as we suspected after putting in a Spinning Top candlestick above major support at 1562.55, the intersection of a former resistance level dating back to early May and a rising trend line that has guided the uptrend since October 2008. Initial resistance remains at 1609.05, with a break above that exposing 1680.55.

SP_500_Probes_Below_Support_Hinting_US_Dollar_Rally_May_Resume_body_Picture_7.png, S&P 500 Probes Below Support, Hinting US Dollar Rally May Resume

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices are consolidating below resistance marked by the year-to-date closing high at 10081. Support is found at 9982, the 14.6% Fibonacci retracement, with a push through that exposing the 23.6% level at 9925.Alternatively, a break above resistance will target the October 4 wick high at 10134.

SP_500_Probes_Below_Support_Hinting_US_Dollar_Rally_May_Resume_body_Picture_8.png, S&P 500 Probes Below Support, Hinting US Dollar Rally May Resume

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow me on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com

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

DISCLOSURES

News & Analysis at your fingertips.