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
Mixed
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
Mixed
Gold
Bullish
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
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.15% 🇪🇺EUR: -0.04% 🇨🇭CHF: -0.04% 🇬🇧GBP: -0.16% 🇦🇺AUD: -0.23% 🇨🇦CAD: -0.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/FXFxoaAZph
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: FTSE 100: -0.12% Wall Street: -0.16% France 40: -0.17% US 500: -0.24% Germany 30: -0.30% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/XHqhYhvlBt
  • Gold prices fell as much as 1.2% before paring most losses on Monday. A stronger USD and fading stimulus hopes were among the primary weighing factors. Traders are eyeing US$ 1,807 for near-term support. https://t.co/C3rJwjtzxk
  • US Dollar Bottoming? Smaller Fiscal Stimulus, Earnings, Covid Threaten ASEAN FX https://www.dailyfx.com/forex/fundamental/article/special_report/2021/01/18/US-Dollar-Bottoming-Smaller-Fiscal-Stimulus-Earnings-Covid-Threaten-ASEAN-FX.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/gXQFhAXxvp
  • 🇯🇵 Industrial Production YoY Final (NOV) Actual: -3.9% Previous: -3% https://www.dailyfx.com/economic-calendar#2021-01-18
  • Heads Up:🇯🇵 Industrial Production YoY Final (NOV) due at 04:30 GMT (15min) Previous: -3% https://www.dailyfx.com/economic-calendar#2021-01-18
  • Commodities Update: As of 03:00, these are your best and worst performers based on the London trading schedule: Silver: 0.29% Gold: -0.07% Oil - US Crude: -0.85% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/CemB9MpLTu
  • Forex Update: As of 03:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.13% 🇨🇭CHF: 0.02% 🇪🇺EUR: 0.01% 🇬🇧GBP: -0.05% 🇦🇺AUD: -0.11% 🇨🇦CAD: -0.21% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/rfoHtxgTeH
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in NZD/USD are at opposite extremes with 68.61%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/jWkTYXNRgO
  • Lots of favorable conditions support Chinese economy December consumption affected by sporadic virus cases - NBS via BBG $USDCNH
S&P 500 Technical Analysis: Short-term Channel Building

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

2016-06-21 10:03:00
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