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
EUR/USD
Bearish
Oil - US Crude
Bullish
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
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/zEEUHZBx7g https://t.co/bFOK9RRXtv
  • Dealing with the fear of missing out – or FOMO – is a highly valuable skill for traders. Not only can FOMO have a negative emotional impact, it can cloud judgment and overshadow logic. Learn how you can control FOMO in your trading here: https://t.co/lgDf5cVYOn https://t.co/LIumDnHrTo
  • Rollover is the interest paid or earned for holding a currency spot position overnight. Learn how to earn rollover interest on your open positions here: https://t.co/SRsG8CxjEn https://t.co/ITdDUGoAL0
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/eF0XS79LgK
  • 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: https://t.co/vg7w10la3j https://t.co/gaYbbaTnpb
  • Get your snapshot update of the of relative currency strength and exchange status from around the globe here: https://t.co/H19vRDCpUJ https://t.co/HCvzbjEkr6
  • Get our analysts’ view on the key fundamentals for indices in Q2. Download now. https://t.co/Etdyanp76f https://t.co/n2wxfyMsJt
  • The Spinning Top candlestick pattern forms part of the vast Japanese candlestick repertoire with its own distinct features. Gain a better understanding of the spinning top candlestick here: https://t.co/DWm7cBMUg9 https://t.co/5KaUvfGM4I
  • There’s a strong correlation between interest rates and forex trading. Forex is ruled by many variables, but the interest rate of the currency is the fundamental factor that prevails above them all. Learn how interest rates impact currency markets here: https://t.co/J0EPMD2Cfi https://t.co/9Bjkh5413e
  • 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: https://t.co/BdgFmkRxVw https://t.co/FqAsp91Gia
S&P 500 Chart Setup Warns Prices May Not Hold Onto 1400 Level

S&P 500 Chart Setup Warns Prices May Not Hold Onto 1400 Level

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: S&P 500 technical positioning suggests a bearish reversal may be brewing, hinting the index may be unable to keep hold on the 1400 figure.

S&P 500 – Prices appear to be carving out bearish Rising Wedge chart pattern (albeit a bit of an awkward-looking one). Negative RSI divergence bolsters the case for a brewing downward reversal. Initial support lines up at in the 1382.80-1377.10 area, with a break below that exposing 1358.90. Wedge top resistance lines up at 1407 figure. Alternatively, a break higher exposes 1425.40, the May 2008 closing high.

SP_500_Chart_Setup_Warns_Prices_May_Not_Hold_Onto_1400_Level_body_Picture_5.png, S&P 500 Chart Setup Warns Prices May Not Hold Onto 1400 Level

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices put in a Hammer candlestick above support at 104.38, the 38.2% Fibonacci retracement, hinting an upswing may be ahead. Prices also appear to be showing the beginnings of a Falling Wedge chart pattern – a setup indicative of a bullish reversal – although confirmation is absent for now. Near-term resistance lines up at 106.50, with a break above that exposing 107.81.

SP_500_Chart_Setup_Warns_Prices_May_Not_Hold_Onto_1400_Level_body_Picture_6.png, S&P 500 Chart Setup Warns Prices May Not Hold Onto 1400 Level

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices put in a Harami candlestick above support at 1638.84, hinting a bounce may be ahead. Initial resistance lines up in the 1666.37-1677.05 area, with a break above that exposing the 1700/oz figure and 1718.05. Alternatively, a break lower targets the 1600/oz handle.

SP_500_Chart_Setup_Warns_Prices_May_Not_Hold_Onto_1400_Level_body_Picture_7.png, S&P 500 Chart Setup Warns Prices May Not Hold Onto 1400 Level

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices put in a bearish Dark Cloud Cover candlestick pattern below resistance at 10072, the 61.8% Fibonacci expansion. A pullback sees initial support at 9995, the 50% Fib, a barrier reinforced by former resistance at the top of a minor rising channel. Alternatively, renewed upward momentum through the 61.8% level exposes the October 4 top at 10134, followed by the 76.4% expansion at 10166.

SP_500_Chart_Setup_Warns_Prices_May_Not_Hold_Onto_1400_Level_body_Picture_8.png, S&P 500 Chart Setup Warns Prices May Not Hold Onto 1400 Level

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 Ilya 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