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
Bullish
Oil - US Crude
Bearish
Wall Street
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
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
  • RBA Governor Lowe: Unemployment bigger risk than excess borrowing Still a high degree of uncertainty about Australia's economic outlook - BBG $AUD
  • RBA Governor Lowe: Still view negative rates as 'extraordinarily unlikely' Negative policy rate benefits outweighed by costs - BBG $AUD
  • RBA Governor Lowe: RBA prepared to do more if it's required Paying lose attention to asset prices, household debt - BBG $AUD
  • RBA Governor Lowe: Australia;s economy has turned the corner Expected GDP growth to be solidly positive in 3Q20, 4Q20 Bigger stability risk is protracted unemployment - BBG $AUD
  • There are many different trading styles that can be applied to trading forex. Learn about different types of traders here: https://t.co/xfzRCzuuKK https://t.co/eYt7jkQvL9
  • 🇰🇷 Inflation Rate YoY (NOV) Actual: 0.6% Expected: 0.9% Previous: 0.1% https://www.dailyfx.com/economic-calendar#2020-12-01
  • Heads Up:🇰🇷 Inflation Rate YoY (NOV) due at 23:00 GMT (15min) Expected: 0.9% Previous: 0.1% https://www.dailyfx.com/economic-calendar#2020-12-01
  • The Dow Jones capped off November with a strong finish and wades narrowly beneath all-time highs. Get your #Indices market update from @PeterHanksFX here:https://t.co/z0eXsCRUBl https://t.co/K6BEsSq2D4
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 1.22% 🇨🇭CHF: 1.00% 🇳🇿NZD: 0.76% 🇨🇦CAD: 0.57% 🇦🇺AUD: 0.40% 🇯🇵JPY: -0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/cNW9pYcJja
  • Senator Wyden says the Senate Majority Leader's aid proposal is "disastrous" - BBG $SPX $DXY
The S&P 500 and Nasdaq 100 Start the Week Testing Support

The S&P 500 and Nasdaq 100 Start the Week Testing Support

2016-04-25 10:10:00
Paul Robinson, Strategist
Share:

What’s inside:

  • The S&P 500 and Nasdaq 100 pull back following bearish price sequences
  • Indices looking to hold support
  • Uptrend and support will be given the benefit of the doubt for now

On Wednesday, we saw a nice little bearish candlestick set-up in the S&P 500 (FXCM: SPX500) on the daily, then late-day on Thursday the short-term H&S pattern in the Nasdaq 100 (FXCM: NAS100) was triggered following disappointing earnings in a couple of its biggest constituents. Friday’s reaction in the Nasdaq was strong off the cash open, with it dropping nearly 70 handles in about 90 minutes, taking the index down to the bottom of our identified support zone between 4433 and 4450.

The S&P 500 and Nasdaq 100 both probed those levels in overnight trade and have thus far rebounded a bit off their worst levels. Since peaking last week, the S&P 500 descended from the upper end of our broad resistance zone (2083/116) back to the lower end. Will old resistance (bottom of zone) act as new support within the broader zone? For now, we will give it the benefit of the doubt until it fails to do so. The Nasdaq trading at support helps strengthen the view it will hold at this time.

S&P 500 Daily

The S&P 500 and Nasdaq 100 Start the Week Testing Support

Nasdaq 100 Daily

The S&P 500 and Nasdaq 100 Start the Week Testing Support

The market has come a long way in a short period of time, making the zone of resistance in the S&P particularly interesting from a macro-standpoint. Pullbacks in the market have been short-lived since the Feb 11 retest low. Will the uptrend remain and allow the market to advance through 2116 towards the old all-time highs, or will a top, even if only for a short period of time, develop and proceed a period of weakness?

From a short-term tactical standpoint, the market is trading around support, and as long as it holds in both the S&P and Naz 100 we will look for a rebound in the near-term. However, should support give way then we would look for further selling pressure to set in.

Looking for a real-time sentiment indicator? Check out our SSI Index.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter @PaulRobinsonFX, or email him directly instructor@dailyfx.com.

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

DISCLOSURES