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Federal Reserve Leaves Interest Rates Unchanged, Maintains Monthly Asset Purchases

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  • US Dollar Outlook: DXY Whipsaws as Fed's Powell Stays Evasive The $USD ripped-then-dipped around the Fed announcement and Powell presser as markets digested a nod to goal progress that is not yet substantial. Now what? Link to Analysis - https://www.dailyfx.com/forex/market_alert/2021/07/28/us-dollar-outlook-dxy-whipsaws-as-fed-powell-stays-evasive.html #Forex #Trading https://t.co/gQjk8BQnH4
  • RT @LeaderMcConnell: Based on a commitment from Leader Schumer to Senators Portman and Sinema that the Portman-Sinema amendment to be filed…
  • The price of oil defends the advance from the monthly low ($65.01) amid a larger-than-expected decline in US inventories. Get your #crudeoil market update from @DavidJSong here:https://t.co/Bwfi4Zybkv https://t.co/BPWtwLnBMU
  • RT @burgessev: Barring something really surprising, Senate will move forward on bipartisan infrastructure deal shortly. Capito says: "I pla…
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.65% 🇨🇭CHF: 0.49% 🇪🇺EUR: 0.22% 🇦🇺AUD: 0.18% 🇳🇿NZD: -0.00% 🇯🇵JPY: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/9L05PhfdwA
  • GBP/USD pushes higher as UK COVID cases fall, Fed remains highly accommodative $GBPUSD https://t.co/bPAGpMkhjN
  • GBP/USD has been lifted by signs that coronavirus cases in the UK are dropping and by suggestions that office attendance is rising.Get your $GBPUSD market update from @MartinSEssex here:https://t.co/RZxPm1XLto https://t.co/SIEjfEffBW
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Silver: 1.20% Gold: 0.49% Oil - US Crude: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/HByKIG4bmC
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.75%, while traders in France 40 are at opposite extremes with 69.77%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/tC95moURI1
  • $USD now at two week lows, cutting into secondary support zone 92.19-92.26 $DXY https://t.co/n14cvwLofZ https://t.co/HaPRsGzyxJ
S&P 500, DAX Technical Forecast

S&P 500, DAX Technical Forecast

Justin McQueen, Analyst

S&P 500, DAX Analysis and News

  • S&P 500 | Posts Largest Weekly Loss This Year
  • DAX | Key Fibonacci Support Under Threat on a Break Below 12000
FTSE

Source: Thomson Reuters, DailyFX

S&P 500 | Posts Largest Weekly Loss This Year

The S&P 500 came under heavy selling throughout the week (-3.4%), posting its biggest weekly drop since Dec’18. Amid the rising trade war tensions, the index had made a decisive break below 2900. Support at 2830 has curbed further losses (at the time of writing), however, following the rejection of prior support, now resistance at 2885, the index looks to target south of the 2800 handle, provided the 23.6% Fibonacci retracement gives way.

S&P 500 Price Chart: Daily Time Frame (Oct 2018 – May 2019)

SPX

DAX | Key Fibonacci Support Under Threat on a Break Below 12000

The DAX saw its largest weekly loss in 2019 (-2.8%), which briefly dipped below the psychological 12000 level. The prior week gains had been curbed at the 12460 level, which represents the Sep 21st and 27th double top. Subsequently, the DAX proceeded to drop below the 61.8% Fibonacci retracement before finding support at 12000. A closing break below however, puts the 50% fib under threat.

DAX Price Chart: Daily Time Frame (Dec 2017 – May 2019)

DAX

RESOURCES FOR FOREX & CFD TRADERS

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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