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
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
Bullish
Wall Street
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
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
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
More View more
Real Time News
  • Fed's Kaplan: - Fed should discuss tapering sooner rather than later - I am concerned about the economy's excesses and imbalances, as well as the housing sector
  • Fed's Kaplan: - We are determining how long it would take to correct imbalances - The Fed is committed to a 2% inflation target and 2% inflation projections
  • Despite inflation fears rearing their head with rippling effects across global financial markets, gold prices have enjoyed a strong run since early April. Get your market update from @CVecchioFX here:https://t.co/xXnc1XD3Lp https://t.co/Qqdee3e9yz
  • As we close out in what has been a volatile week, GBP/USD is on the front foot with the pair nearing its weekly highs having reclaimed the 1.41 handle. Get your $GBPUSD market update from @JMcQueenFX here:https://t.co/neGBchlJ0O https://t.co/45DDtMSTKg
  • UK PM Johnson: - To move forward with Monday's planned easing of restrictions - June 21 easing could be more difficult - Does not believe reopening needs to be delayed at this time
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.37%, while traders in France 40 are at opposite extremes with 72.95%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/MGlT6DIgTb
  • UK PM Johnson: - We have seen further clusters of India covid variant - If the variant is significantly more transmissible we will face hard choices - Good news is that there is no evidence that vaccines are less effective against the new variant $GBP $GBPUSD #FTSE100
  • The Nasdaq Composite has faced heavy selling pressure amid surging Treasury yields. Get your #Nasdaq market update from @RichDvorakFX here:https://t.co/QPzBgW6fwm https://t.co/VDV5FBjiLM
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.99% Silver: 0.96% Gold: 0.69% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/3g2E3KYigl
  • Nasdaq, Bitcoin, Inflation - FinTwit Trends to Watch Next Week Check out my latest analysis of key market themes traders are talking about via @DailyFX at the link below: https://www.dailyfx.com/forex/market_alert/2021/05/14/nasdaq-bitcoin-inflation-fintwit-trends-to-watch-next-week.html $NDX $BTC $USD
S&P 500: Holding Short-term Trend Support Ahead of NFP

S&P 500: Holding Short-term Trend Support Ahead of NFP

Paul Robinson, Strategist

What’s inside:

  • Trend-line off 6/27 low held yesterday and into today
  • Further upside looks likely following pullback/consolidation, but…
  • A lot of resistance lies ahead as the S&P 500 approaches record highs again

The S&P 500 started out yesterday’s session on a positive note, but then later soured back towards the trend-line we pointed out on the hourly chart. As it turns out, this held almost to a ‘T’. In early hours futures trading, the S&P came close to touching off on trend support again before turning back higher. We will continue to use this trend-line as a guide until further notice. Even if it breaks the uptrend won’t come under serious fire, though, until a lower low is achieved below 2073.

SPX500 Hourly

S&P 500: Holding Short-term Trend Support Ahead of NFP

The upward move off the 6/27 low is still in play with 2112, 2121, and 2127 in focus on further strength. The 2112 level was created during light 4th of July holiday trading, so one has to wonder how much of a wall of resistance it really is. Nevertheless, we won’t discount it and respect it as resistance until it proves otherwise.

The V-shaped recovery which initially unfolded in late June has taken a bit of a detour, with recent price action acting as a period of pullback/consolidation. It seems likely the market will try and make a push higher into the 2120s, at the least, on this next move, but from there it is likely to become tough sledding for longs as a barrier of resistance exists between the 2120s and the record highs at 2137. The initial thought is there will be push back by sellers. A solid rejection of overhead levels would be a welcomes sight on this end for initiating potentially good risk/reward shorts.

Daily

S&P 500: Holding Short-term Trend Support Ahead of NFP

Today is ‘NFP day’: Analyst are expecting the US economy to have added 180k jobs in June, a strong rebound from the 38k jobs added in May. The unemployment rate is expected to edge higher to 4.8% from 4.7%. Of interest on the inflation front is average hourly earnings, which are anticipated to increase to 2.7% YoY from 2.5%.

No predictions on the outcome of NFP, but a strong deviation from expectations in either direction will shake markets up, so be prepared.

Check out our recently released Q3 forecasts for FX, equity indices, and commodities.

---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