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
Bullish
Oil - US Crude
Mixed
Wall Street
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
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
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
  • The #Euro is the big driver here for DXY as it is 57% of the index. It is rising now and trying to break above the March 27 high at 11147. Get your $EURUSD technical analysis from @PaulRobinsonFX here:https://t.co/6gt3F9LuGP https://t.co/73SaL5AeXD
  • U.S. Market Analyst at https://t.co/JsVsSmefgR, Shain Vernier covers - ✔️ Safe haven assets in volatile markets ✔️ Central banks and governments ✔️ How will commodities trade in a recession Only on Trading Global Markets Decoded #podcast. Tune in here: https://t.co/1UmEzEbwiy https://t.co/EIC9YqfTec
  • Anybody else think that casting directors in movies are some of the most underrated people when it comes to giving a film/series credit?
  • No https://t.co/EoBltaP17k
  • Crude #oilprices may face heightened liquidation pressure as the cycle-sensitive #commodity finds itself under the pressure of resilient resistance and a vulnerable, multi-week rising channel. Get your crude #oil market update from @ZabelinDimitri here: https://t.co/cGPX4qcOH1 https://t.co/0U4JMJVFuf
  • The @ecb will likely boost its Pandemic Emergency Purchase Program at Thursday’s meeting of its Governing Council; a move that could give the #Euro a lift. Get your currencies market update from @MartinSEssex here: https://t.co/I4PbmJNG1z https://t.co/hu6Ld1KdDB
  • $GBPUSD doesn’t have the cleanest set of technical indications, but #USD may give indications if it can break its trading range via the $DXY. Get your currencies market update from @PaulRobinsonFX here: https://t.co/PrC9wAaXvU https://t.co/vHYHflwqR3
  • The ongoing contraction in US production may keep #oilprices afloat in June as crude output falls to its lowest level since October 2018. Get your crude #oil market update from @DavidJSong https://t.co/jj1bMLX0DF https://t.co/O9NOqbfHkb
  • watching the #SpaceX launch🍿
  • Major investment bank models have touted USD selling, given the outperformance in US equities relative to its counterparts over the past month. How is this likely to impact the month-end rebalancing? Find out from @JMcQueenFX here:https://t.co/MtNrHmXZpD https://t.co/d00z4019XE
S&P 500 - Caught Between the Lines

S&P 500 - Caught Between the Lines

2016-03-09 10:58:00
Paul Robinson, Strategist
Share:

Highlights:

  • Pullback as expected from resistance, support now the focus
  • Giving trend strength higher the benefit of the doubt, but the 2000 area is formidable
  • Hourly chart showing developments which could soon offer opportunity

The S&P 500 has been pulling back from the 2000 area as one would expect with the market overbought into resistance. This now has the trend-line off the February 11 low squarely in focus. As we head into the thick of today’s trade the S&P continues to hold the line of support, but should it break we will to look to 1970 as the last line of short-term defense for the longs.

If both trend and horizontal support levels are taken out then the pullback could become more hostile, making the area just below a sort-of make or break spot for the very near-term. The current landscape of support presents traders with a low-risk opportunity to join the month-long trend higher, but with any long position established we must continue to keep the 2000 area in mind given its size. This makes things a little tricky at the moment.

While momentum in both price and breadth suggests resistance should give way to higher prices at some point, the fight could take some time. The overbought breadth readings we examined yesterday have subsided a bit, but certainly could retreat a bit more without becoming worrisome. With that said, a period of consolidation could be in order before a push to new higher grounds commences.

The hourly chart shows a channel/bull-flag developing which is not readily visible on the daily chart. A hold of rising trend support coupled with a break of the top-side parallel could lead to a break through the wall of resistance, but until we actually clear resistance any long positions established will need to be closely monitored as the possibility of failure in this area remains elevated. If you do not believe in this rally and are looking to establish a swing position for a renewed leg of weakness, the 2000 area remains an attractive spot to establish a short given the repeated number of inflection points dating back to last year.

S&P 500 Hourly (Daily)

S&P 500 - Caught Between the Lines

Want to take your trading to the next level? Find out what characteristics successful traders commonly have.

---Written by Paul Robinson, Market Analyst

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

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

DISCLOSURES

News & Analysis at your fingertips.