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  • Gold prices gain as potential systemic risks out of China's Evergrande Group roil broader markets. Meanwhile, iron ore is ticking higher after a big drop on Monday as China steps up steelmaking curbs. Get your market update from @FxWestwater here:
  • Gold remains higher despite positive Evergrande news out of China. Meanwhile, copper bulls are pushing prices upward as the potential for a housing crisis in China ebbs. Get your market update from @FxWestwater here:
  • GBP/USD has flattened overnight after its strongest rally in a month on Thursday. The British currency has been under pressure recently as an energy crisis has caused a number of gas providers to go bankrupt. Get your market update from @HathornSabin here:
  • Japanese candlesticks are a popular charting technique used by many traders, and the shooting star candle is no exception. Learn about the shooting star candlestick and how to trade it here:
  • Gold could suffer further near-term losses due to rising U.S. Treasury yields and a weak technical picture for price action. Get your weekly gold forecast from @DColmanFX here:
  • Gold has been trending lower after failing to clear resistance in the $1835 area earlier this month. Get your $XAUUSD market update from @DColmanFX here:
  • Key break here in the 10-year #Treasury yield as it rises to the highest since late June Took out 1.4230 resistance, and the 100-day SMA Eyes now on the 38.2% Fib extension at 1.4775 Also potential falling resistance from March
  • The move in rates after this week’s FOMC has continued and the 10 year yield has pushed up to a fresh two-month-high. Get your market update from @JStanleyFX here:
  • S&P 500 contending with its proverbial ‘line in the sand’ as bulls and bears battle for directional control. How we close/trade around the 50-day moving average could serve as a noteworthy bellwether for risk trends headed into next week. I remain cautious below ~4,480. $SPX $ES
  • USD/JPY trades to a fresh monthly (110.57) amid the pickup in longer-dated US Treasury yields, and the exchange rate may stage a larger advance over the coming days. Get your market update from @DavidJSong here:
S&P 500, FTSE 100 Technical Forecast For Next Week

S&P 500, FTSE 100 Technical Forecast For Next Week

Justin McQueen, Strategist

S&P 500, FTSE 100 Analysis and News

  • S&P 500 | Upside Stalls, Critical Support Zone in Focus
  • FTSE 100 | Makes Key Downside Break Heading into Seasonably Unfriendly Month

S&P 500 | Upside Stalls, Critical Support Zone in Focus

The S&P 500 has struggled to push higher in recent sessions and thus fails to close the early March gap. That said, key support zone is situated at 3200-3214, failure to hold raises the likelihood that the index could begin a bearish reversal. Below 3200, initial support resides at 3110, in which a break below exposes 3050. On the flipside, a close above 3300 is needed to invalidate the near-term bearish reversal.

S&P 500 Price Chart: Daily Time Frame

S&P 500 Price Forecast

Source: IG

10 Most Popular Candlestick Patterns

FTSE 100 | Makes Key Downside Break Heading into Seasonally Unkind Month

As we mentioned previously, 6082, which marked the bottom of the recent range had been vital in keeping the FTSE 100 afloat. However, failure to hold saw the index quickly break below 6000, which in turns the FTSE 100 test support at 5890 (38.2% Fibonacci). Near term resistance is now situated at 6000, as such, below this level leaves the index vulnerable to further losses. Keep in mind as we head to August, seasonality does not favour notable upside for equities.

FTSE 100 Price Chart: Daily Time Frame

FTSE 100 Forecast

Source: IG


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