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
Subscribe
Please try again
EUR/USD
Bearish
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • Indices Update: As of 08:00, these are your best and worst performers based on the London trading schedule: Wall Street: -0.25% US 500: -0.30% Germany 30: -0.45% France 40: -0.65% FTSE 100: -0.72% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/e4UVs9zs2k
  • 🇫🇷 Balance of Trade (JAN) Actual: €-3.95B Previous: €-3.39B https://www.dailyfx.com/economic-calendar#2021-03-05
  • The Consumer Price Index, better known by the acronym CPI, is an important economic indicator released on a regular basis by major economies to give a timely glimpse into current growth and inflation levels. Learn how to better understand CPI here: https://t.co/nAa0fHHGbZ https://t.co/pBlhEa03sI
  • Heads Up:🇫🇷 Balance of Trade (JAN) due at 07:45 GMT (15min) Previous: €-3.39B https://www.dailyfx.com/economic-calendar#2021-03-05
  • China Foreign Ministry Spokesman Wang Wenbin: Fighting virus requires solidarity, nations to cooperate China, US should cooperate to counter virus - BBG
  • (Commodities Briefing) Gold Prices at Risk as Crude Oil Benefits from Surprise OPEC+ Output Hold #Gold #CrudeOil #OPEC #nfp https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2021/03/05/Gold-Prices-at-Risk-as-Crude-Oil-Benefits-from-Surprise-OPEC-Output-Hold.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/7MckHTReTu
  • The New Zealand Dollar may resume its broader uptrend, with NZD/USD and NZD/JPY eyeing key rising support. NZD/CAD and NZD/CHF appear to have more room for near-term losses, however.Get your market update from @ddubrovskyFX here:https://t.co/6hD7zsNHIh https://t.co/zYKUh6mVj1
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.87%, while traders in Germany 30 are at opposite extremes with 66.27%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/rNFAg78N7v
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.00% 🇨🇭CHF: -0.04% 🇯🇵JPY: -0.07% 🇪🇺EUR: -0.11% 🇦🇺AUD: -0.19% 🇳🇿NZD: -0.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/hpiN5FbuNz
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: Wall Street: -0.32% US 500: -0.38% Germany 30: -0.65% France 40: -0.80% FTSE 100: -0.89% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/B19fwTOt3O
S&P 500 Topping Still in the Works, US Dollar Breakout Overturned

S&P 500 Topping Still in the Works, US Dollar Breakout Overturned

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: S&P 500 chart setup hints a top is in the works below the May 2011 high. Yesterday’s bullish US Dollar breakout appears to have been a head-fake.

S&P 500 – Prices completed a bearish Dark Cloud Cover candlestick pattern below resistance at 1376.10, the May 2011 top, hinting a move lower is ahead. Negative RSI divergence reinforces the case for a downside scenario. Initial support lines up at 1358.60 and is reinforced by a rising channel bottom. A break below that exposes the 23.6% Fibonacci retracement at 1331.40.

SP_500_Topping_Still_in_the_Works_US_Dollar_Breakout_Overturned_body_Picture_5.png, S&P 500 Topping Still in the Works, US Dollar Breakout Overturned

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices cleared 50% Fibonacci extension resistance at 106.70, with the bulls now aiming to challenge the 61.8% barrier at 110.04. The 106.70 level has been recast as near-term support. Notably, RSI studies are at their most overbought since April (the last time Iran-linked jitters inflated crude prices). That was followed by a sharp decline in May, so the threat of a reversal may be rising.

SP_500_Topping_Still_in_the_Works_US_Dollar_Breakout_Overturned_body_Picture_6.png, S&P 500 Topping Still in the Works, US Dollar Breakout Overturned

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD The break above the December 2 high at 1763.00 exposes the 1800.00 figure as the next important barrier. Early signs of negative RSI divergence warn of lackluster bullish momentum however, warning a pullback may be ahead. The 1763.00 level has been recast as near-term support.

SP_500_Topping_Still_in_the_Works_US_Dollar_Breakout_Overturned_body_Picture_7.png, S&P 500 Topping Still in the Works, US Dollar Breakout Overturned

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices reversed sharply lower, sliding back below 9856 and taking out minor rising channel support set from the February 8 low to form a Bearish Engulfing candlestick pattern. The bears now stand to challenge the 9786 level, with a break below that exposing 9679. Near-term channel resistance stands at 9835.

SP_500_Topping_Still_in_the_Works_US_Dollar_Breakout_Overturned_body_Picture_8.png, S&P 500 Topping Still in the Works, US Dollar Breakout Overturned

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