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
Mixed
Oil - US Crude
Bullish
Wall Street
Mixed
Gold
Mixed
GBP/USD
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
USD/JPY
Bearish
More View more
Real Time News
  • The Mexican Peso could come under further selling pressure and push $USDMXN back above the 25.000 handle. Get your USD/MXN market update from @RichDvorakFX here: https://t.co/nuG3l0YpUW https://t.co/RG5xnr118p
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.82%, while traders in US 500 are at opposite extremes with 71.97%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/VDiXoqXTgf
  • RT @HayekAndKeynes: $198bn of buybacks (equivalent to 27% of ’19 spend) have already been suspended
  • Retail CFD traders at IG are building up their short positions to the highest level I have on my records (stretching only back a year). Nearly a 7 fold increase of the short interest at the start of the year https://t.co/SAmUD2ymIz
  • US Equity Close: $SPX +3.30% $DJI +3.07% $NDX +3.62% $RUT +1.10% $VIX -8.93
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.91% France 40: 0.53% US 500: -0.12% Wall Street: -0.13% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/uRmj2JayN8
  • S&P 500 Continues Recovery, NFP Looms Large for US Data https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2020/03/30/ES-SPY-SPX-SP500-Continues-Recovery-NFP-Looms-Large-JS.html https://t.co/SZLy1nqPaz
  • US House Speaker Nancy Pelosi says she does not expect bipartisan virus bill until after After break $SPX $DXY
  • RT @lisaabramowicz1: The economic downturn is happening so fast that the New York Fed launched a new weekly economic index that assesses re…
  • #Gold: Price is holding up well with a small consolidation phase that could lead gold higher towards the 1680/1700 region. Get your $XAUUSD market update from @PaulRobinsonFX here: https://t.co/R5C6K0IVWh https://t.co/Gw0DX1VAgB
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
Share:

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

News & Analysis at your fingertips.