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
EUR/USD
Bearish
Oil - US Crude
Mixed
Low
High
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
Bearish
Low
High
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
Gold
Mixed
Low
High
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
GBP/USD
Mixed
USD/JPY
Mixed
Low
High
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
More View more
Real Time News
  • Why must financial market traders monitor both monetary and fiscal policy? Find out from @MartinSEssex here: https://t.co/Fkzk88Y5gm https://t.co/AldbSctm9V
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/yF133btXFd https://t.co/Sjnr0iVgAf
  • Upside momentum stalls with the #DAX and #FTSE 100 vulnerable to testing lower levels as the economic backdrop deteriorates further. Get your #equities technical analysis from @JMcQueenFX here: https://t.co/BFIaXTfDcs https://t.co/q0Mso4zWlT
  • RT @iv_technicals: *TRUMP SAYS HE'D USE TARIFFS IF NEEDED TO PROTECT OIL INDUSTRY - BBG #OOTT #WTI $USO
  • After the pattern is composed with the closing of the signal candle, then you can look to the following candle to identify a clear bias and risk points. Learn how to apply this knowledge to a trading strategy here: https://t.co/uh3NwgHBVv https://t.co/yl4KUMNmUh
  • Asia’s vast and growing importance to the world economy is not yet matched by the presence of a currency trading center to rival the established order. Get your update on market drivers in Asia here: https://t.co/r3Ku0p9dw1 https://t.co/CU5vMilpLH
  • - Gold prices may suffer if FOMC minutes spark risk aversion, concerns about liquidity - #XAUUSD could face additional selling pressure if employment data sours sentiment - Ballooning credit risks from distressed corporate debt markets may cap gold’s gains https://www.dailyfx.com/forex/fundamental/forecast/weekly/chf/2020/04/04/Gold-Prices-May-Fall-on-FOMC-Minutes-Recession-Credit-Risks.html
  • The bear flag pattern is a popular price pattern used by technical traders within the financial markets to determine trend continuations. Learn how to spot a bear flag pattern here: https://t.co/zg8QzS3ytS https://t.co/A8fvEmmh0K
  • Have you joined @DailyFX @facebook group yet? Discuss your #forex strategies and brush up on your skills with us here: https://t.co/VsfbITIb6B https://t.co/qSLzCiGVxa
  • S&P 500 Sinks as Unemployment Spikes; VIX Index Drops? -via @DailyFX “#StockMarket recovery stymied by dismal jobs report. #Volatility down, but extreme fear lingers.” Latest Forecast: https://www.dailyfx.com/forex/market_alert/2020/04/04/spx-sp500-sinks-as-unemployment-spikes-vix-index-price-drops.html $SPY $SPX $ES_F #Stocks #Analysis #Trading https://t.co/qwfhehTnbt
S&P 500 Technical Update Heading into ECB

S&P 500 Technical Update Heading into ECB

2016-06-02 11:06:00
Paul Robinson, Strategist
Share:

What’s inside:

  • Market moving events on deck; ECB and NFP
  • Expect the unexpected, stick to your game-plan
  • Technical support and resistance levels in focus from 2072 up to 2137

Even if you view the market from a technical lens such as myself, it is still important to know what major fundamental events could potentially impact your trading plan/current positions. We have two significant events in the next 24+ hours. If you have no plan heading into a major event, then it is best to sit on the sidelines until the dust settles. If you have a plan, then just be prepared for outsized moves and keep risk wrangled in.

First up, the ECB monetary policy decision in just a bit at 11:45 GMT time, and with no move expected from the central bank, the press conference with Mario Draghi at 12:30 will likely be where we will see volatility spawn from. As stated in the DAX article earlier this morning, “expect the unexpected”. While the impact of Draghi’s words (or policy changes) will be most felt in European related markets, reverberations will certainly be felt across all risk assets.

Tomorrow, at 12:30 the U.S. is set to release the jobs report for May. Analyst are looking for non-farm payrolls to show 161k new jobs added in May, with a tick lower in the unemployment rate to 4.9% from 5% prior. Average hourly earnings will also be important for signs of wage inflation; AHE was 2.5% YoY in April.

Yesterday, we discussed the importance of the 2085 level in the S&P 500 as short-term support. In the early cash session, we saw this level tested and hold almost to the tick (low was 2084.84) before popping higher and closing out the day on a relatively strong note; better than expected ISM Manufacturing data helped provide the early-day spark.

Short-term levels to watch: (Subject to change after today heading into NFP) The overnight low is 2093, but the most important short-term support level is 2085. Trend-line support cuts between the two levels at around 2091. Below this range of support we will need to shift our focus to 2072. On the upside, resistance comes in by way of 2100, then moving past the Monday low volume holiday session (2105), our next level of resistance comes in at 2111 (4/20 peak) and then 2116 (11/2015 peak). Beyond 2116 there is resistance from last year starting in the 2120s up to the 2137 record high.

SPX500 Hourly

S&P 500 Technical Update Heading into ECB

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter @PaulRobinsonFX

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

DISCLOSURES

News & Analysis at your fingertips.