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  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/oeAKuToQ5b
  • 🇬🇧 Mortgage Approvals (JUN) Actual: 81.3K Expected: 86.1K Previous: 87.545K https://www.dailyfx.com/economic-calendar#2021-07-29
  • 🇬🇧 Mortgage Lending (JUN) Actual: £17.9B Expected: £7.9B Previous: £6.581B https://www.dailyfx.com/economic-calendar#2021-07-29
  • China will also cancel export tax rebate on iron products - MOFCOM
  • Heads Up:🇬🇧 Mortgage Approvals (JUN) due at 08:30 GMT (15min) Expected: 86.1K Previous: 87.5K https://www.dailyfx.com/economic-calendar#2021-07-29
  • Heads Up:🇬🇧 Mortgage Lending (JUN) due at 08:30 GMT (15min) Expected: £7.9B Previous: £6.6B https://www.dailyfx.com/economic-calendar#2021-07-29
  • China is raise export tariffs on some steel products from August 1st
  • 🇩🇪 Unemployment Rate (JUL) Actual: 5.7% Expected: 5.8% Previous: 5.9% https://www.dailyfx.com/economic-calendar#2021-07-29
  • 🇩🇪 Unemployment Change (JUL) Actual: -91K Expected: -28K Previous: -38K https://www.dailyfx.com/economic-calendar#2021-07-29
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 94.34%, while traders in France 40 are at opposite extremes with 72.28%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/JAiC4NsGWC
Dow Jones, Nasdaq 100, S&P 500 Forecasts for the Week Ahead

Dow Jones, Nasdaq 100, S&P 500 Forecasts for the Week Ahead

Paul Robinson, Strategist

Indices Technical Forecast:

  • S&P 500 has the March 2020 trend-line in sight as support
  • Dow Jones continues to act the best out of the major indices
  • Nasdaq 100 weakest, has substantial trend-line support
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S&P 500 Technical Forecast

The S&P 500 has been sluggish lately, but isn’t showing any real signs of weakness which bodes well for higher prices. Should we see some weakness from here, though, the March 2020 trend-line will quickly come into play. As long as that holds then the outlook will remain generally neutral to bullish, with the record high at 4238 next up as resistance.

To turn the outlook bearish, a break of the March 2020 trend-line will be needed first, and for things to really turn south a lower low below 4056 will need to develop. But for now, focus is on the near-term range and maintaining above the March trend-line. New Record highs may be around the bend. We could see an ascending wedge form between the long-term trend-line and record high, a development that will require a bit more backing-and-filling first.

S&P 500 Daily Chart

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S&P 500 Chart by Tradingview

Dow Jones Technical Forecast

The Dow Jones has both the March 2020 trend-line and June 2020 slope at its feet, but will require a bit more of a drop to get there than what it will take for the S&P 500. On the top-side the record high at 35091 will be in focus as resistance.

Dow Jones Daily Chart

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Dow Jones Chart by Tradingview

Nasdaq 100 Technical Forecast

The Nasdaq 100 is the weakest of the big three U.S. indices, but is trying to go through a resistance level it has been unable to take out the past couple of weeks. To get the record high at 14073 back in focus a breakout above 13814 is needed. A drop below 13458 will have the March 2020 trend-line and September slope in focus as support.

Nasdaq 100 Daily Chart

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Nasdaq 100 Chart by Tradingview

Resources for Forex 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 Paul Robinson, Market Analyst

You can follow Paul on Twitter at@PaulRobinsonFX

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

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