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
EUR/USD
Bullish
Oil - US Crude
Bullish
Wall Street
Mixed
Gold
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
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • The #AustralianDollar may continue to outperform its haven-associated counterparts after breaking above key chart resistance. $AUDUSD, $AUDJPY, $AUDCHF levels to watch. $AUD https://www.dailyfx.com/forex/technical/home/analysis/aud-usd/2020/09/21/Australian-Dollar-Time-Cycle-AUDUSD-AUDJPY-AUDCHF-Key-Levels.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr https://t.co/wfa6HxnANh
  • HSBC share price tumbled 3.2% after Chinese media agency Global Times reported that Beijing is considering putting HSBC into its Unreliable Entity List (UEL). Hang Seng Index fell 0.7% in early Asia trading hours. https://t.co/zrUCkWmH1w
  • Join @ZabelinDimitri 's #webinar at 11:30 PM ET/3:30 AM GMT to find out how geopolitical risk will affect the markets in the week ahead. Register here: https://t.co/hsULxMNOtM https://t.co/Dx6UMk2g1c
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Silver: 0.53% Oil - US Crude: 0.35% Gold: 0.17% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/BjCmKqaBM8
  • The two-day closure of the Japanese markets suggests that liquidity in both equity and forex could be thin, rendering #USDJPY and #Nikkei225 futures susceptible to large swings, should there be surprising news. Read more here: https://www.dailyfx.com/forex/market_alert/2020/09/21/Nasdaq-100-to-Test-100-Day-SMA--Hang-Seng-and-ASX-200-May-Open-Flat.html https://t.co/5fTJl1ytSe
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.25% 🇦🇺AUD: 0.24% 🇯🇵JPY: 0.20% 🇪🇺EUR: 0.16% 🇳🇿NZD: 0.14% 🇨🇭CHF: 0.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/ajs1wgZFD2
  • #Market Snapshot Broad risk-on tilt to kick off a fresh week of trade as the risk-sensitive $AUDUSD jumps back above the 0.73 mark. Haven-linked $USD drifting lower against its major counterparts while $JPY attempts to peg back lost ground. https://t.co/yWVnyRKfbT
  • The US #Dollar may fall if demand for haven-linked assets fall after testimonies from Powell and Mnuchin to the House. Better-than-expected data may compound the Greenback’s selling streak. Get your #currencies update from @ZabelinDimitri here: https://t.co/HRjFvPKlvx https://t.co/n2IMVDqpZn
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.06%, while traders in NZD/USD are at opposite extremes with 71.11%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/eoCmgXp0MN
  • There is a great debate about which type of analysis is better for a trader. Is it better to be a fundamental trader or a technical trader? Find out here:https://t.co/7kPzAoNoLG https://t.co/QVVQkoSwMW
S&P 500: The Range Won’t Last Forever, It Just Feels Like It

S&P 500: The Range Won’t Last Forever, It Just Feels Like It

2016-07-28 10:50:00
Paul Robinson, Strategist
Share:

What’s inside:

  • FOMC does nothing to break the S&P 500 free from its range
  • Support and resistance boundaries remain the same, waiting for a break
  • Traders need to stay alert despite 'boring' market conditions

The title of yesterday’s commentary: “S&P 500: Looking to the FOMC to Spring It Free”. Well, we're still waiting…It was a rather uneventful reaction to the outcome of the Fed, with only a range of approximately 15 handles and a closing price about 2 handles higher than where the S&P was prior to the release of the decision and policy statement.

Traders are struggling to find opportunity in the sideways chop we call the stock market. The Nasdaq 100 has moved up a bit since the S&P started the horizontal waltz and the Dow has moved down just a shade. Patience is required...

We have discussed reasons why the market looks more likely than not to break to the down-side (complacency, breadth & market tendency), but until price action breaks out in either direction none of the indicators or studies we look at matter at this time.

Support continues to remain in the 2155/60 area, while resistance in the 2174/78 zone. A sustained break of either side will be required to grab our attention. Traders looking to play the range can continue to do so as long as these boundaries hold, but the situation is growing long in the tooth and a break is growing closer.

S&P 500: The Range Won’t Last Forever, It Just Feels Like It

What will break the market from its range? Anyone’s guess. Tonight at midnight GMT time we have the BoJ in store; the general consensus is the central bank will make a move, but to what extent is the big question mark. Depending on this outcome, markets could be making moves heading into tomorrow. Perhaps this will be a kick start for a directional move out the S&P, perhaps not. In any event, we should be on our toes as this range won’t last forever even if it feels like it will.

Find out what qualities profitable traders possess in our guide, “Traits of Successful Traders.”

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX.

You can email him at instructor@dailyfx.com with any questions or comments.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES