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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
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
More View more
Real Time News
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here:
  • It seems the markets are riding high, but risk is always lurking around the corner. Consider your escape plan before you find yourself in collapsing market. What are the top havens for different conditions in 2021? Find out from @JohnKicklighter here:
  • Myth or fact? One thing is for sure, there are a lot of misconceptions about trading. Knowing the difference between common trading myths and the reality is essential to long-term success. Find out about these 'myths' here:
  • What are some monetary policies that could affect Gold this quarter? Get your Gold free forecast here: #DailyFXGuides
  • Even more remarkable than the record high levels of leverage registered in US equities this past week was the attention it garnered. Paying attention to risk is a threat when markets are this high and the docket as dense as it is this week. My outlook:
  • 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:
  • Are you new to trading? Technical analysis of charts aims to identify patterns and market trends by utilising different forms of technical chart types and other chart functions. Get a refresher on technical analysis or begin building your knowledge here:
  • USD hegemony is at risk thanks to changes in the global economy and the long-term consequences of the US-China trade war. Get your market update from @CVecchioFX here:
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out
  • Use this technical analysis pattern recognition skills test to sharpen your knowledge:
S&P 500: Buyers Need to Step Up or Step Aside

S&P 500: Buyers Need to Step Up or Step Aside

Paul Robinson, Strategist

What’s inside:

  • S&P 500 trading around key lower parallel, but sloppily so
  • A full recapture of this parallel on daily closing basis needed to maintain
  • Price levels in play, need to keep flexible and watch how price action reacts

Yesterday, the S&P 500 (FXCM: SPX500) breached the lower-side parallel we’ve been discussing for a few days now on an intra-day basis, but didn’t close out the session convincingly below. Things are getting a little sloppy around this lower parallel, providing cause for indecision. So far as we head into U.S. trade the S&P is back above the lower parallel, but now faces a trend-line off the 4/28 peak and the 2066 area which has seen good action over the past month.

If the market can maintain trade above the lower parallel on a daily closing bar basis and move beyond the before mentioned resistance, then we will need to turn our focus towards the 2078/83 area, which holds short-term and long-term implications.

However, if the market begins to roll back over, undermining the lower parallel once again, it will be considered a failed attempt to recapture support (especially if it moves above only to close the day below, potentially today) and the downtrend off the 4/28 peak will still be very much alive.

Short-term support and resistance: Support comes in at the lower parallel around 2057, then yesterday’s low at 2045, beyond there we look the March/April levels between 2036 and 2021. Resistance comes in by way of the downtrend line off the 4/28 peak, which roughly coincides with horizontal resistance around 2066, then beyond there the short/long-term area in the 2078/83 vicinity.

SPX500 Daily/2-hr

S&P 500: Buyers Need to Step Up or Step Aside

There are some good price levels and technical structures from which to operate off of, but one needs to be flexible in changing their views based on price action around these various levels and technical events.

At the end of the day, the market is hanging at a precarious spot and the S&P will need to quickly turn higher or soon join the lagging Nasdaq 100.

Looking for live market sentiment data? Check out the FXCM SSI Indicator.

---Written by Paul Robinson, Market Analyst

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

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