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
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
Oil - US Crude
More View more
Real Time News
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Find out about the recent history of ISM data, how to track it, and how to trade its release here: https://t.co/MZtBh88nOv https://t.co/RMxpXvpa61
  • RT @arwaib: BREAKING: Jets flying over Baghdad right now after reports of expected #US response to earlier rocket attacks that slammed in e…
  • RT @ForexLive: China confirmed #coronavirus cases: Jan 17: 41 Jan 19: 62 Jan 20: 201 Jan 21: 291 Jan 22: 440 Jan…
  • #JPY, #USD #gold up with bond futures, #crudeoil down with S&P 500 stock futures as #coronarovirus fears grip markets at weekly trading open. Backstory here - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2020/01/26/Japanese-Yen-US-Dollar-May-Gap-Higher-as-Week-Starts-on-Virus-Fears.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr (via @ddubrovskyFX) https://t.co/bq96FHKBNs
  • RT @conorsen: @selling_theta @LJKawa https://t.co/vVfmLgHd9b
  • RT @iv_technicals: So you thought it was all contained, right?! Mhm. Cool stuff. https://t.co/PShm600IPS
  • RT @globaltimesnews: #Hubei Province reported 371 new cases of #WuhanCoronavirus and 24 new deaths on Jan 26 local time; total infection ca…
  • What is market volatility and what does a market event volatility look like? Find out from @PaulRobinsonFX here: https://t.co/vg7w10la3j https://t.co/QpD4VP4vDc
  • The last time the $USDJPY suffered this large of a bearish gap in a bearish slide (this one still nascent), was back in May: https://t.co/hTxfyVFiox
  • *Reminder: Weekly Strategy Webinar tomorrow morning at 8:30am EST on DailyFX! - https://t.co/RgnsklZ2Gl
Dow Jones & FTSE 100 Technical Forecast for the Week Ahead

Dow Jones & FTSE 100 Technical Forecast for the Week Ahead

2019-12-07 10:00:00
Justin McQueen, Analyst

Equity Analysis and News

Global Indices Percent Changes

Source: Thomson Reuters, DailyFX

Dow Jones | Record High Looms

Since the Dow Jones bounced from trendline support, the index has seen somewhat of an impressive recovery, paring roughly 76.4% of the early week pullback with latest uptick stemming from the strong NFP report. Consequently, the index looks primed for another retest of the record high as the 28000 looms. As we head towards the December 15th tariff deadline, the risk pendulum will likely swing from headline to headline by Chinese and US media outlets. That said, a fresh record high in the index will likely be predicated on the official signing of a US-China phase 1 agreement before December 15th. Outlook remains supportive for equity markets for now.

Dow Jones Price Chart: Daily Time Frame (Nov 18 – Dec 19)

Daily Dow Jones Price Chart

FTSE 100 | General Election in Focus

The FTSE 100 has been among the underperforming indices throughout the week, dropping 1.7%. Having lost support from the 200DMA, the index proceeded to fall towards the low end of its recent range. That said, with a much-needed bounce back from the 50% Fibonacci retracement (7116), which also roughly coincides with the rising trendline from the Dec’18 low, eyes are for a close above 7261 to confirm an interim bottom in the index and make another march towards key resistance at 7440. Of note, UK assets are likely to see a volatile week amid the UK general election.

FTSE 100 Price Chart: Daily Time Frame (Nov 2018 – Dec 2019)

Daily FTSE 100 Price Chart

Chart by IG


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

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


News & Analysis at your fingertips.