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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
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
  • Recessions can devastate the economy and disrupt the fortunes of individuals, businesses, and investors. But economic decline in the business cycle is inevitable, and your trading can be defined by how you respond to crisis. learn how to prepare here:
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Find out about the recent history of ISM data, how to track it, and how to trade its release here:
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here:
  • Tech stocks pulled back from record territory after Amazon posted tepid Q3 guidance. Get your weekly equities forecast from @margaretyjy here:
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here:
  • When it comes to buying and selling forex, traders have unique styles and approaches. Learn about buying and selling forex here:
  • Recent price action in the US Dollar Index (DXY) casts a bearish outlook for the Greenback as it extends the series of lower highs and lows from earlier this week. Get your weekly USD technical forecast from @DavidJSong here:
  • USD/MXN drops back into its recent range as investors await further guidance from economic data. Get your weekly Mexican Peso forecast from @HathornSabin here:
  • Slippage can be a common occurrence in forex trading but is often misunderstood. Understanding how forex slippage occurs can enable a trader to minimize negative slippage, while potentially maximizing positive slippage. Learn about FX slippage here:
  • What is your forex trading style? Take the quiz and find out:
S&P 500 Clears Resistance But Bullish Momentum Looks Suspect

S&P 500 Clears Resistance But Bullish Momentum Looks Suspect

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAYThe S&P 500 took out a key resistance level at 1292.90, seemingly pointing to further gains ahead, but the strength of bullish momentum appears suspect for now.

S&P 500 – Prices edged through resistance at 1292.90, the October 27 high, but the move has not convincingly erased the possibility of a double top in the general vicinity of the 1300 figure. In fact, candle breaking resistance is a Spinning Top, which seems hardly reassuring for the bullish argument. Near-term resistance is now at 1302.60. If this level holds and a reversal commences, initial support stands at 1265.30. Alternatively, if the break higher was indeed genuine, clearing 1302.60 will expose 1350.00.

SP_500_Clears_Resistance_But_Bullish_Momentum_Looks_Suspect_body_Picture_5.png, S&P 500 Clears Resistance But Bullish Momentum Looks Suspect

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices confirmed yesterday’s narrow break below support at 101.28, pushing aggressively lower through the $100/barrel figure toward the next downside barrier at 97.89. A break below this juncture exposes 94.58 and 92.51. The 101.28 level has been recast as near-term resistance.

SP_500_Clears_Resistance_But_Bullish_Momentum_Looks_Suspect_body_Picture_6.png, S&P 500 Clears Resistance But Bullish Momentum Looks Suspect

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices put in a Shooting Star candlestick below resistance at 1662.65, the 50% Fibonacci retracement level, hinting a move lower is ahead. Initial support lines up at 1629.57, the 38.2% Fib, a barrier reinforced by the September 28 low at 1609.05. Alternatively, a break higher exposes the 61.8% targets the 61.8% retracement at 1695.73.

SP_500_Clears_Resistance_But_Bullish_Momentum_Looks_Suspect_body_Picture_7.png, S&P 500 Clears Resistance But Bullish Momentum Looks Suspect

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR The greenback continues to oscillate between the midline and top of a falling channel in place since mid-December, now at 9922 and 10010 respectively. A break above this juncture exposes the 2011 closing high at 10081. Alternatively, a push downward exposes a former Head & Shoulders neckline at 9823.

SP_500_Clears_Resistance_But_Bullish_Momentum_Looks_Suspect_body_Picture_8.png, S&P 500 Clears Resistance But Bullish Momentum Looks Suspect

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

To contact Ilya, e-mail 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

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