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
More View more
Breaking news

Federal Reserve Leaves Interest Rates Unchanged, Maintains Monthly Asset Purchases

Real Time News
  • The price of oil defends the advance from the monthly low ($65.01) amid a larger-than-expected decline in US inventories. Get your #crudeoil market update from @DavidJSong here:https://t.co/Bwfi4Zybkv https://t.co/BPWtwLnBMU
  • RT @burgessev: Barring something really surprising, Senate will move forward on bipartisan infrastructure deal shortly. Capito says: "I pla…
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.65% 🇨🇭CHF: 0.49% 🇪🇺EUR: 0.22% 🇦🇺AUD: 0.18% 🇳🇿NZD: -0.00% 🇯🇵JPY: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/9L05PhfdwA
  • GBP/USD pushes higher as UK COVID cases fall, Fed remains highly accommodative $GBPUSD https://t.co/bPAGpMkhjN
  • GBP/USD has been lifted by signs that coronavirus cases in the UK are dropping and by suggestions that office attendance is rising.Get your $GBPUSD market update from @MartinSEssex here:https://t.co/RZxPm1XLto https://t.co/SIEjfEffBW
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Silver: 1.20% Gold: 0.49% Oil - US Crude: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/HByKIG4bmC
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.75%, while traders in France 40 are at opposite extremes with 69.77%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/tC95moURI1
  • $USD now at two week lows, cutting into secondary support zone 92.19-92.26 $DXY https://t.co/n14cvwLofZ https://t.co/HaPRsGzyxJ
  • Infrastructure week, for real this time https://t.co/jh4BLwj0aC
  • Facebook Earnings Summary: Revenues: $29.08 B vs $27.89 B est. EPS: $3.61 vs. $3.03 est. $FB down ~5% in AH session
S&P 500 Chart Setup Hints Rally to 2012 High May Be Ahead

S&P 500 Chart Setup Hints Rally to 2012 High May Be Ahead

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: S&P 500 technical positioning hints prices may rise to retest the 2012 year-to-date high after setting a bottom just below the 1300 figure earlier this month.

S&P 500 – Prices appear to have completed a bullish inverse Head and Shoulders (H&S) pattern with a break above neckline resistance in the 1334.40-41.90 area. The bulls face the next near-barrier at 1357.40. Broadly speaking, the H&S setup implies a measured objective at 1419.90, conveniently at the year-to-date closing high. The 1334.40-41.90 region has been recast as support.

SP_500_Chart_Setup_Hints_Rally_to_2012_High_May_Be_Ahead_body_Picture_5.png, S&P 500 Chart Setup Hints Rally to 2012 High May Be Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices are edging higher after putting in a bullish Piercing Line candlestick pattern above support at 81.07, the 23.6% Fibonacci expansion. The bulls now aim to challenge the June 7 high at the 87.00 figure. The 14.6% Fib at 83.30 has been recast as near-term support.

SP_500_Chart_Setup_Hints_Rally_to_2012_High_May_Be_Ahead_body_Picture_6.png, S&P 500 Chart Setup Hints Rally to 2012 High May Be Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices are stalling after taking out a falling trend line set from early March. Near-term resistance remains at 1637.35, the 76.4%Fibonacci retracement, with a break above that exposing the May 1 high at 1671.49. The 61.8% Fib at 1616.23 has been recast as near-term support.

SP_500_Chart_Setup_Hints_Rally_to_2012_High_May_Be_Ahead_body_Picture_7.png, S&P 500 Chart Setup Hints Rally to 2012 High May Be Ahead

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices are testing support in the 10066-70 area marked by a confluence of the 50% Fibonacci retracement and the 38.2% expansion. A break lower exposes the 61.8% retracement at 10010. Near-term resistance is in the 10129-43 region, another Fib cluster bolstered by the proximity of a major swing high dating back to October 2011.

SP_500_Chart_Setup_Hints_Rally_to_2012_High_May_Be_Ahead_body_Picture_8.png, S&P 500 Chart Setup Hints Rally to 2012 High May Be 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 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