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
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
Bearish
Wall Street
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
GBP/USD
Bullish
USD/JPY
Bullish
More View more
Real Time News
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Gold: -0.27% Silver: -0.58% Oil - US Crude: -1.80% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/KJU1AHNEDG
  • GBP/JPY IG Client Sentiment: Our data shows traders are now net-short GBP/JPY for the first time since Jun 26, 2020 when GBP/JPY traded near 132.21. A contrarian view of crowd sentiment points to GBP/JPY strength. https://www.dailyfx.com/sentiment https://t.co/aHn90OrXVn
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.33% 🇪🇺EUR: -0.22% 🇬🇧GBP: -0.26% 🇳🇿NZD: -0.29% 🇨🇦CAD: -0.32% 🇦🇺AUD: -0.53% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/TJLRwMkful
  • Heads Up:🇸🇪 Monetary Policy Meeting Minutes due at 07:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-07-10
  • RT @DanielGMoss: $USDCAD remains confined by channel resistance although strengthening RSI suggests a breakout may be on the cards. $CADJP…
  • Have you been catching on your @DailyFX podcast "Global Markets Decoded"? Catch up on them now, before new episodes release! https://t.co/Twr44cZ1GB https://t.co/xknMZhmJ5C
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Germany 30: -0.64% France 40: -0.83% US 500: -0.90% FTSE 100: -0.91% Wall Street: -1.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/xgu0QJ9H7c
  • 🇫🇷 Industrial Production MoM (MAY) Actual: 19.6 Expected: 15.1% Previous: -20.1% https://www.dailyfx.com/economic-calendar#2020-07-10
  • Heads Up:🇫🇷 Industrial Production MoM (MAY) due at 06:45 GMT (15min) Expected: 15.1% Previous: -20.1% https://www.dailyfx.com/economic-calendar#2020-07-10
  • A macro forex trading guide exploring how to trade the Euro vs the Swedish Krona and Norwegian Krone through the prism of the Core-Perimeter model. Get your market update from @ZabelinDimitri here:https://t.co/n6zwlZJmGO https://t.co/jbUscJ9E0u
S&P 500 Bounce Appears Corrective So Far, Weakness Favored Ahead

S&P 500 Bounce Appears Corrective So Far, Weakness Favored Ahead

2012-02-02 02:05:00
Ilya Spivak, Head Strategist, APAC
Share:

THE TAKEAWAYThe S&P 500 bounced aggressively higher but the advance appears corrective in the scope of a larger top in the works, with renewed selling expected ahead.

S&P 500 – Prices bounced from 23.6% Fibonacci retracement support at 1302.90, with the bulls retesting the previously broken rising trend line set from late December as resistance. A break above the January 26 high at 1334.40 is needed to overturn near-term bearish cues.

SP_500_Bounce_Appears_Corrective_So_Far_Weakness_Favored_Ahead_body_Picture_5.png, S&P 500 Bounce Appears Corrective So Far, Weakness Favored Ahead

8hr Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL After a month of standstill, prices appear to have finally made a directional break with a close below support at 97.70, with sellers now aiming to challenge the top of a falling channel set from mid-November now recast as support (95.65). The 97.70 level is now acting as near-term resistance.

SP_500_Bounce_Appears_Corrective_So_Far_Weakness_Favored_Ahead_body_Picture_6.png, S&P 500 Bounce Appears Corrective So Far, Weakness Favored Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices are testing above resistance at 1746.10, with a confirmed break on a daily close above the level exposing 1802.80. However, negative RSI divergence warns that bullish momentum is fading and hints a reversal is ahead. Near-term term support lines up at 1716.17, a previously broken rising channel top.

SP_500_Bounce_Appears_Corrective_So_Far_Weakness_Favored_Ahead_body_Picture_7.png, S&P 500 Bounce Appears Corrective So Far, Weakness Favored Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices have dropped to support at 9684, the 61.8% Fibonacci retracement. This barrier is reinforced by major pivot support at 9679, a barrier that has acted as significant support and resistance since August. Signs of positive RSI divergence on intraday charts (not shown) hint a bounce may be ahead, but confirmation is absent for now. The 50% Fib at 9759 marks initial resistance.

SP_500_Bounce_Appears_Corrective_So_Far_Weakness_Favored_Ahead_body_Picture_8.png, S&P 500 Bounce Appears Corrective So Far, Weakness Favored Ahead

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.