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.

Free Trading Guides
EUR/USD
Mixed
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
Mixed
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
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
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Bullish
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
  • Is there clarity on time of day? There is a material change in the risk around the event whether it is pre-NY open (gap and steady), during NY trade (volatility and steady) or after hours (let fear/greed build over the weekend for a Monday charge) https://t.co/wUSO6d44ns
  • Trump says press conference on China will be held Friday - BBG
  • There is a dramatic departure between yield curve pricing for a recession and other measures of near-term growth; the Q2’20 Atlanta Fed GDPNow is extremely alarming.Get your market update from @CVecchioFX here: https://t.co/eMd3T8EwDO https://t.co/joAVurkmJP
  • US Treasury Yields: 2-Year: 0.174% 3-Year: 0.220% 5-Year: 0.346% 7-Year: 0.537% 10-Year: 0.705% 30-Year: 1.474% $TNX
  • White House Economic Advisor Hassett says some workers going back to their jobs is building confidence $DXY $SPX
  • Gold Price Outlook: XAU Overbought as Cycles Drive the Bullish Trend https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2020/05/28/Gold-Price-Outlook-XAU-Overbought-as-Cycles-Drive-the-Bullish-JS-Trend.html $Gold https://t.co/ntbvPQTHF9
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Silver: 0.34% Gold: 0.26% Oil - US Crude: -0.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/yvJX18QY14
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.91%, while traders in US 500 are at opposite extremes with 74.73%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/l7878VS4m7
  • As long as this moves forward, the verbal (Twitter) threats of action between the US and China will garner less and less actual market movement https://t.co/pvGOJuAG4N
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: US 500: 0.99% Wall Street: 0.76% FTSE 100: 0.08% France 40: -0.03% Germany 30: -0.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/f3oAYUPoEj
S&P 500 Technical Analysis: Trading Deeper Within the Wedge

S&P 500 Technical Analysis: Trading Deeper Within the Wedge

2015-09-15 13:33:00
James Stanley, Strategist
Share:

To receive James Stanley’s analysis directly via email, please SIGN UP HERE

Talking Points:

  • S&P 500 Technical Strategy: Flat
  • S&P 500 continues to trade within the symmetrical wedge identified yesterday.
  • Standing aside until a more-actionable setup becomes clear.

The S&P 500 continues to trade within the symmetrical wedge pattern identified in yesterday’s piece, with price action staying confined to a 30-handle range thus far on the week. With US data on the docket ahead of FOMC (Advance Retail Sales came out under expectations, CPI to be released tomorrow), be careful of false breakouts ahead of a ‘big move’ on Thursday afternoon when the Fed finally tells the world whether-or-not we’re getting that September interest rate hike.

Since prices haven’t changed much since yesterday, the same levels still apply. Breaks of 1,995-2,000 could open the door for long positions up to 61.8% Fibonacci resistance at 2,021.1, prior price action support of 2,040 and then 2,065.5 (the 76.4% retracement of the ‘panic move’ in the S&P 500).

For short positions, breaks of 1,905.2 could provide motivation for short-trigger, and this would open the door for targets at 1,886.5 which is the 23.6% Fib retracement of the October 2011 low to the May of 2015 high, 1,833.5 (the ‘panic low’ that was set on August 24th), 1,819 (the October 2014 low), and then 1,791 (23.6% Fib level of the ‘big picture’ move of the Financial Collapse low to the May 2015 high).

S&P 500 Technical Analysis: Trading Deeper Within the Wedge

Written by James Stanley of DailyFX; you can join his distribution list with this link, and you can converse with him over Twitter @JStanleyFX.

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

DISCLOSURES

News & Analysis at your fingertips.