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
Wall Street
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
More View more
Real Time News
  • Stocks appear to be in a corrective phase but could get put to the test; levels and lines to watch in the days ahead. Get your weekly equities forecast from @PaulRobinsonFX here: https://t.co/H1BaTlIHjY https://t.co/zP3mjfslSD
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/Of1thU4zXw
  • Further your forex knowledge and gain insights from our expert analysts on AUD with our free guide, available today: https://t.co/p2FhEwym1E https://t.co/MjiYB85TSF
  • 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/fIO9TP7D62
  • Trading Forex is not a shortcut to instant wealth, excessive leverage can magnify losses, and sentiment is a powerful indicator. Learn about these principles in depth here: https://t.co/lZFM8youtX https://t.co/Xja8DHUqlH
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfJhp91 https://t.co/9po5Lg4vnR
  • The Japanese Yen is eyeing the upcoming Bank of Japan rate decision and CPI figures, but JPY crosses will likely remain dependent on broader market sentiment. Get your weekly $JPY forecast from @FxWestwater here: https://t.co/x9rbQpPfWe https://t.co/2x1R5XTVea
  • Consolidation or bull flag? A bull flag is a continuation pattern that occurs as a brief pause in the trend following a strong price move higher. Learn how to better spot these formations here: https://t.co/yOEvLjKnct https://t.co/uCaWQiu4Ly
  • Crude and Brent oil are on track to extend higher as Gulf Coast supply disruptions and a positive OPEC report bolster sentiment. Uranium is on a massive surge, aided by the famous Wall Street Bets group. Get your market update from @FxWestwater here:https://t.co/XrpV0jcy8e https://t.co/g2To3LmUah
  • RT @michaeljburry: Read thread.
S&P 500 Float Around Key Resistance while Crude, Gold Pushed Higher

S&P 500 Float Around Key Resistance while Crude, Gold Pushed Higher

Gary Kerdus,

THE TAKEAWAY: S&P 500 floating around key resistance while crude and gold have broken higher. The Dollar initially broke lower on QE yet appears to be holding at potential support.

S&P 500 – Prices have rallied and stalled at what appears to be an ascending channel line (red line) which may act as significant resistance. A break higher may expose the December 27, 2007 high at 1523.60 and possibly find a ceiling of resistance around that area. Conversely, if the channel line holds as resistance, then potential downside levels of support are marked around 1440.20 (black line) and 1426.40 (orange line) both of which were past levels of resistance and could act as future levels of support. A push below the 1426.40 area may find support at the bottom portion of the rising trend channel line (grey line) around the 1396.90 area.

SP_500_Floating_around_Key_Resistance_while_Crude_Gold_Pushed_Higher_body_Picture_9.png, S&P 500 Float Around Key Resistance while Crude, Gold Pushed Higher

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices broke above the potential levels of resistance around 97.64 which was an area of convergence where potential consolidation highs of resistance (upper red line) and falling trendline (grey line) resistance met. The next area where the market may find a ceiling could be around the 101.05 area which was once a past level of support and could now act as a level of potential future resistance. Alternatively, if prices begin to trade lower, then marked areas of support appear around 97.64 where the consolidation resistance area could become support and is in line to meet with the back side of the falling trendline (grey line) which could act as support too. A break below the 97.64 area may find support around 94.14, 92.59 or 87.72 which were all previously established levels of resistance-turned-support and may also serve as a floor again.

SP_500_Floating_around_Key_Resistance_while_Crude_Gold_Pushed_Higher_body_Picture_11.png, S&P 500 Float Around Key Resistance while Crude, Gold Pushed Higher

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices have pushed through a potential area of resistance near the rising channel line and may be targeting 1790.55/oz, a high established on February 29. Downside levels of support appear around the 1716.15/oz area where previous resistance acted as future support and could serve as such again. A break below the 1716.15/oz area may find a sticking point around the 1629.17/oz to 1608.53/oz area which once was an area of consolidation resistance and could act as potential future support.

SP_500_Floating_around_Key_Resistance_while_Crude_Gold_Pushed_Higher_body_Picture_14.png, S&P 500 Float Around Key Resistance while Crude, Gold Pushed Higher

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR The Dollar has continued to trend lower after the Federal Reserve Bank policy officials pledged to dilute the US Dollar by implementing additional monetary easing. Price broke through potential levels of support around the 9,816 area. Interestingly, the greenback stalled at 9,738 where an indecision candle formed with a large wick to the south. A break below the 9,738 area may find support around 9,672 which was once an area where traders bid-up the price. Alternatively, a bid higher may find possible resistance around 9,816 which was previous support and could now act as a ceiling of future resistance. Moreover, a push above 9,738 may expose 9,893 which was past support and could act as potential future resistance.

SP_500_Floating_around_Key_Resistance_while_Crude_Gold_Pushed_Higher_body_Picture_17.png, S&P 500 Float Around Key Resistance while Crude, Gold Pushed Higher

Daily Chart - Created Using FXCM Marketscope 2.0

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

DISCLOSURES