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
Mixed
Oil - US Crude
Bearish
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
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
USD/JPY
Bearish
More View more
Real Time News
  • The Hang Seng Index #HSI appears to face an immediate resistance at 29,870 (127.2% Fibonacci extension). Prices surged more than 3% before pulling back slightly in the afternoon trading session. Stock connections registered over HK$ 20 billion net southbound flow today. https://t.co/3J5JNIVopi
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in Germany 30 are at opposite extremes with 67.52%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/4BsBWBZvaI
  • Oil - US Crude IG Client Sentiment: Our data shows traders are now net-long Oil - US Crude for the first time since Jan 05, 2021 when Oil - US Crude traded near 5,008.80. A contrarian view of crowd sentiment points to Oil - US Crude weakness. https://www.dailyfx.com/sentiment https://t.co/8PE3J3958F
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.43% 🇳🇿NZD: 0.34% 🇨🇦CAD: 0.27% 🇪🇺EUR: 0.15% 🇨🇭CHF: -0.01% 🇯🇵JPY: -0.30% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/CCqUPxXb1g
  • 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/ruKhwAC2Sf
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.74% France 40: 0.60% FTSE 100: 0.56% US 500: 0.39% Wall Street: 0.28% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/NDCTrOVL5r
  • Commodities Update: As of 03:00, these are your best and worst performers based on the London trading schedule: Silver: 1.02% Oil - US Crude: 0.42% Gold: 0.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/N0Fo4mM16G
  • Forex Update: As of 03:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.37% 🇳🇿NZD: 0.34% 🇨🇦CAD: 0.22% 🇬🇧GBP: 0.14% 🇨🇭CHF: 0.01% 🇯🇵JPY: -0.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/IBkW89Ji1M
  • Japanese Chief Cabinet Secretary Kato: Vaccination supply for population to be secured by 1H of this year - BBG
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in Germany 30 are at opposite extremes with 66.75%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/KdbuJBLZMr
US Indices: S&P 500 Short-term Chart-scape in Focus

US Indices: S&P 500 Short-term Chart-scape in Focus

Paul Robinson, Strategist

Highlights:

  • S&P 500 pullback helped alleviate overbought conditions
  • Trend off February low remains intact with two references in focus
  • 1890 holds important significance

Market digesting overbought conditions

Yesterday, we discussed one indicator showing breadth to be overbought in the short-term, and what it could mean as we move forward. What we are watching is how the market reacts in the face of these market conditions. If we are to see higher prices in the weeks ahead, then overbought conditions shouldn't be met with overly aggressive selling; a change in market character from the past couple of months. However, should sellers step show up en masse, then we will need to adjust this notion.

Trend off Feb low intact, reference points in focus

The trend off the February low remains solidly intact as long as the S&P can maintain above the trend-line extending back below the 2/24 swing low to the 2/11 bottom. If it undercuts trend-line support it doesn't necessarily mean the picture turns outright bearish, but it will raise a caution flag to the bulls' case while providing some short-term ammo for the bears. In this event, a move towards the 2/24 low at 1890 becomes increasingly probable.

1890 is important

1890 is effectively the line-in-the-sand from we sit before the current leg higher becomes undermined in a material fashion. Ideally, if the market is to trade higher, then the S&P 500 will cleanly carve out another higher low at or above t-line support, or at least without making a serious assault on 1890.

Development which could offer entry soon

The move lower off the Friday high could offer up a channel/bull-flag worth sinking our teeth into upon further development. Thus far this possibility is working its way towards reality as we could find the S&P wedged up between the top-side parallel off the 2/26 high and rising t-line off the 2/11 low.

Dips to trend support and a breakout above the upper parallel offer points of entry from the long-side. A break below trend support will give cause for pause.

A break higher brings 1971 (2/26 high) into focus, with a larger move taking the market towards the all-important area surrounding 2000.

S&P 500 Hourly: February

US Indices: S&P 500 Short-term Chart-scape in Focus

Find out what separates successful traders from the rest.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX, or email him directly at instructor@dailyfx.com with any questions, comments, or concerns.

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

DISCLOSURES