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. See our updated Privacy Policy here.

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
Oil - US Crude
Bullish
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
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/paOy1oQmn3
  • US indices have a packed week ahead with earnings from the major technology names, US GDP data due and an FOMC rate decision. With so much on the docket the potential for volatility is heightened. Get your stock market forecast from @PeterHanksFX here: https://t.co/CH4WoStHvu
  • 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/otJwnuR7qe
  • 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/s4lZWdJoXV
  • The US Dollar Index traded higher last week, sustaining its broader uptrend. Conflicting technical signals urge caution, but the directional bias remains skewed to the upside. Get your weekly USD technical forecast from @FxWestwater here: https://t.co/jcwhcsUBEN https://t.co/tKrlrRZlZn
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/MGy9OTXpUI
  • The Australian Dollar still remains vulnerable as it extends losses against its major counterparts. What is the road ahead for AUD/USD, AUD/JPY, AUD/NZD and AUD/CAD? Get your AUD technical forecast from @ddubrovskyFX here: https://t.co/ph20zFv4qS https://t.co/v4g9ATf4rr
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Learn about the importance of the ISM manufacturing index here: https://t.co/Xr3xtoFpZy https://t.co/De69mTseZN
  • Take a closer look visually at the most influential global importers and exporters here: https://t.co/G58J1dg6y3 https://t.co/D7AeTM5OpH
  • EUR/USD tumbled last week on the day of the ECB’s latest policy announcement, and that weakness is set to continue this week as a flood of major Eurozone economic statistics is released. Get your weekly Euro forecast from @MartinSEssex here: https://t.co/9B4rJnzWuz https://t.co/ENF3xlkuyP
S&P 500 Technical Analysis: Short-term Channel Building

S&P 500 Technical Analysis: Short-term Channel Building

Paul Robinson, Strategist

What’s inside:

  • The S&P 500 loses its ‘excitement’ late-day regarding new UK poll developments
  • Eyed support nearly gave way, but holding for now
  • Channel building underway, viewing market within its construct

While Europe ended with big gains yesterday, the U.S. markets, which aren’t as impacted by the outcome of ‘Brexit’, only posted modest gains when all said and done. Shortly after the cash open (9:30 EST) the market’s ‘euphoria’ quickly faded as the S&P 500 gave back more than half of its early-day gains.

And just like that the 2083/86 area comes back into focus. The slide late yesterday caused the S&P to breach support briefly to 2080, but overall it was maintained.

A rising channel is developing off the 6/16 low, with yesterday’s peak coming at the upper parallel. The inverse H&S scenario nearly came off our radar, but with the neckline still holding it remains in play. Sort of.

We are more focused on other developments at this time: As it stands the S&P is working on a series of higher lows, higher highs in the short-term (channel building), and as such, our focus is on whether this structure will maintain itself above our noted zone of support in the lower 2080s, or will the lower parallel and support give-way to selling pressure?

For now, we will give the benefit of the doubt to the lower parallel and support, but should it break then we will need to shift our bias lower and return to viewing the low 2080s as resistance once again. Resistance comes in at yesterday's high of 2101, then 2105/08.

SPX500 Hourly

S&P 500 Technical Analysis: Short-term Channel Building

Head’s up: Today and tomorrow the Fed’s Yellen will be testifying before Congress at 14:00 GMT time; this could invoke volatility.

Find out what separates successful traders from the rest in our free trading guide, “Traits of Successful Traders”.

---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