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
Oil - US Crude
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
More View more
Real Time News
  • A recession is typically accompanied by falling stock prices, but equities are not the be-all and end-all for recession investment strategies. Get your market update from @PeterHanksFX here: https://t.co/H0Rf3AkECs https://t.co/5Il5ptMnMu
  • The $USD may rise versus the Singapore Dollar, Indonesian Rupiah and Malaysian Ringgit if capital flows out of #ASEAN countries as key U.S. data risks a selloff in equities. Get your market update from @ddubrovskyFX here: https://t.co/JWIRn6MLrK https://t.co/y2tXiYs9aV
  • The $USD may be at risk as trader positioning warns that the S&P 500 may bounce as markets look forward to fiscal stimulus. USD/CAD could rise if key support holds down the road.Get your market update from @ddubrovskyFX here:https://t.co/TMq9VZbZ7W https://t.co/H6I3MXjW06
  • As prices dance around on charts, traders are often looking for reasons to explain price movements; however, the underlying source of price movement boils down to the relationship between supply and demand. Learn more about the forces of S&D on forex here: https://t.co/8LfkLXbj2W https://t.co/ZsHdd9NFcO
  • The $USD may be at risk as trader positioning warns that the S&P 500 may bounce as markets look forward to fiscal stimulus. USD/CAD could rise if key support holds down the road.Get your market update from @ddubrovskyFX here:https://t.co/TMq9VZbZ7W https://t.co/TisnGYxllM
  • Here my weekend trading video 'Dow, VIX, Dollar and Gold: Levels and Volatility to Gauge the Markets' https://www.dailyfx.com/forex/video/daily_news_report/2020/03/28/Dow-VIX-Dollar-and-Gold-Levels-and-Volatility-to-Gauge-the-Markets-.html?ref-author=Kicklighter&QPID=917719&CHID=9
  • #Silver and #gold prices have had a fascinating 2020, counterintuitively falling as the #coronavirus’ economic hit has become horribly apparent. A rebound is now afoot. Get your market update from @DavidCottleFX here: https://t.co/nng7lwQ22E https://t.co/JwehIVbBA2
  • Foreign exchange – or “#forex” – markets often pay close attention to politics and central bank policy. We offer a model for traders to gauge their impact on exchange rates. Get your market insight from @ZabelinDimitri and @CVecchioFX here: https://t.co/FbXc1Awu6a https://t.co/mcq5Bq2Jui
  • The $USD soared against the Indonesian Rupiah, with USD/IDR eyeing its best month since the 1997-98 Asia financial crisis amid the #coronavirus outbreak. Can this trend continue? Find out from @ddubrovskyFX here:https://t.co/M3sDZOftrE https://t.co/sbIbp68UOh
  • The $USD may be at risk as technical signals show USD/SGD, USD/MYR and USD/IDR may turn lower. Ahead, the markets will likely weigh US fiscal stimulus bets against dismal data risk. Get your market update from @ddubrovskyFX here:https://t.co/iGqBrY6qyO https://t.co/kJ89YgK3Mm
S&P 500: It’s Called Resistance for a Reason

S&P 500: It’s Called Resistance for a Reason

2016-06-16 10:11:00
Paul Robinson, Strategist

What’s inside:

  • 2085 acted as it should, put a lid on the post-FOMC spike
  • Support and resistance levels outlined
  • Could be do for a bounce soon, watching channel development for indications

Following the un-spectacular outcome of the FOMC meeting, the S&P 500 quickly edged above the all-important 2085 resistance level before immediately finding sellers. We have been talking about this level for a while now; it was once resistance, then became strong support, but once it broke, given its importance as support, it then became equally significant as resistance. Simple, textbook technical analysis. Yesterday was a good example of how a major news announcement can be used to establish a position if the market moves to your price level.

The fact that the resulting move lower from the day’s peak came with quite a bit of power added another layer of confidence. In addition to this being a critical horizontal level, the S&P retested the broken trend-line off the Feb 11 low as well. It just happened to roughly coincide with our noted level of resistance.

In early morning U.S. hours, the S&P moved down into the 2061/57 support area. It’s currently experiencing a smallish bounce off this reaction zone, but if no buyers can be found at these levels, then focus shifts towards the 2035/45 zone down to 2025.

The market has been down five days in a row now (so far working on six), and while a streak isn’t an overbought/sold indicator itself, it does suggest risk of a rebound, even if small, is quickly growing. A downward channel could be developing, we will be watching how the S&P reacts to the bottom and top-side parallels.

SPX500 2-hr

S&P 500: It’s Called Resistance for a Reason

Check out the ‘Speculative Sentiment Index’ to see shifts in trader positioning in real-time.

---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.


News & Analysis at your fingertips.