News & Analysis at your fingertips.

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.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
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
Oil - US Crude
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
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
Bearish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • Forex sentiment analysis can be a useful tool to help traders understand and act on price behavior. Learn how to get the most out of understanding trader sentiment here: https://t.co/rJznrXkcYz https://t.co/FPgZ5gkgrM
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here: https://t.co/8A1QhwMVKo https://t.co/E0KhcKHrOf
  • For some reason an old story has popped up - many apologies.... https://t.co/jHjQxyFRXM
  • The US dollar is unloved, oversold and at lows last seen over 30-months ago. At the moment there seems to be very little reason to buy the greenback. Get your $USD market update from @nickcawley1 here:https://t.co/VY3SLs35cp https://t.co/w5ljByv9cf
  • Trading Forex is not a shortcut to instant wealth, excessive leverage can magnify losses, and sentiment is a powerful indicator. Learn about these principles in depth here: https://t.co/lZFM8youtX https://t.co/CpqePQYF4E
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/Rg2YGZCUCr
  • The non-farm payroll (NFP) figure is a key economic indicator for the United States economy. It is also referred to as the monthly market mover. Find out why it has been given this nickname here: https://t.co/yOUVEEqhc5 https://t.co/ftrbRkFiJF
  • Human error in the forex market is common and often leads to familiar trading mistakes. These trading mistakes crop up particularly with novice traders on a regular basis. Learn about the top ten trading mistakes and how you can avoid them here: https://t.co/i8E2AXtzF3 https://t.co/Hny2HMYo4I
  • (Weekly Fundamental) Australian Dollar Outlook: Tied to Biden Stimulus Bets, S&P 500, US Dollar, Treasuries $AUDUSD #SP500 #stimulusbill #USD https://www.dailyfx.com/forex/fundamental/forecast/weekly/aud/2021/01/16/Australian-Dollar-Outlook-Tied-to-Biden-Stimulus-Bets-SP-500-US-Dollar-Treasuries.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/H7aus0Aljt
  • The inside bar pattern occurs regularly within financial markets. Incorporating the inside bar strategy can enhance a trader's market analysis. Find out how more here: https://t.co/E3EWOYTYNw https://t.co/7zI3p6UNVs
S&P 500: Shrugs off Abysmal NFPs, Undergoing Consolidation Phase

S&P 500: Shrugs off Abysmal NFPs, Undergoing Consolidation Phase

2016-06-06 10:25:00
Paul Robinson, Strategist

What’s inside:

  • Poor NFPs and ISM Non-man data can’t keep the market down
  • S&P 500 2085 continues to cement itself as key near-term support
  • Near-term price action constructive

On Wednesday, the S&P 500 opened the U.S. cash session (9:30 EST) lower only to close the day higher. Thursday, same action, different day. Friday presented us with the big miss in NFPs (worst since Sep ’10) causing the market to gap lower and then furthered its losses on weak ISM Non-manufacturing data; but once again buyers showed up despite negative sentiment early on in the day session. While the market didn’t close in the green as it had the prior two days, it did recoup most of its losses.

How do we interpret this price action? So far, it can only be interpreted one way – bullish. When early-day weakness is repeatedly viewed as a buying opportunity by market participants it demonstrates a firm level of confidence.

The low of the day came from just under 2085 (2084.25 to be exact) before the market turned higher. This furthered this level of support we have been discussing over the past week. As long as 2085 holds on a daily closing basis, we will maintain a neutral to bullish outlook. The sideways price action (consolidation) for the past week following the late May rise in conjunction with buyers showing up on dips should lead to higher prices in the near-term. If 2085 gives way, though, then we will shift our bias to the down-side, beginning with 2072 as the next level of interest.

Even with the market bullishly postured in the near-term, there is still plenty of resistance to overcome; 2105, 2111, 2116, then 2120’s up to the record high at 2137.

SPX500 Daily

S&P 500: Shrugs off Abysmal NFPs, Undergoing Consolidation Phase

2-hour

S&P 500: Shrugs off Abysmal NFPs, Undergoing Consolidation Phase

Find out how which traits successful traders commonly possess in our free guide, sign up takes less than 60 seconds to complete.

---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.

DISCLOSURES