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
Bearish
Oil - US Crude
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
Wall Street
Mixed
Gold
Bearish
GBP/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
USD/JPY
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
More View more
Real Time News
  • Have you been catching on your @DailyFX podcast "Global Markets Decoded"? Catch up on them now, before new episodes release! https://t.co/Twr44cZ1GB https://t.co/oo0ClrQKLK
  • The Malaysian #Ringgit fell today after Malaysian Q2 GDP contracted -17.1% y/y (vs -10.9% expected) This leaves $USDMYR closer towards facing key resistance above Dominant outlook remains bearish however, check out this week's #ASEAN tech outlook here - https://t.co/yR4bEV3NCe https://t.co/xjPPs3RD5D
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/S9CEcB4urE https://t.co/XhXvSI8ECM
  • 🇯🇵 Tertiary Industry Index MoM (JUN) Actual: 7.9% Previous: -2.1% https://www.dailyfx.com/economic-calendar#2020-08-14
  • Heads Up:🇯🇵 Tertiary Industry Index MoM (JUN) due at 04:30 GMT (15min) Previous: -2.1% https://www.dailyfx.com/economic-calendar#2020-08-14
  • Multiple time frame analysis follows a top down approach when trading and allows traders to gauge the longer-term trend while spotting ideal entries on a smaller time frame chart. Learn how to incorporate multiple time frame analysis here: https://t.co/HnzQcAXWLU https://t.co/nRLUAAEc7t
  • #EURUSD may be forming a Head and Shoulders top on the daily chart. Confirmation on a break of neckline support may open the door for a break toward the 1.15 figure. https://t.co/iXOwXxCEjc
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/3FsnNdo7VK https://t.co/lC69rPbkcJ
  • $AUDUSD just weakened slightly following disappointing Chinese industrial production and retail sales data What is the Aussie facing over the next 24 hours and heading into next week? #AUD https://www.dailyfx.com/forex/market_alert/2020/08/14/Australian-Dollar-Outlook-Eyes-SP-500-Retail-Sales-After-Chinese-Data.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/b9pmxMkp8o
  • 🇨🇳 Unemployment Rate (JUL) Actual: 5.7% Previous: 5.7% https://www.dailyfx.com/economic-calendar#2020-08-14
S&P 500: Notches New Record High, Short-term Techs in Focus

S&P 500: Notches New Record High, Short-term Techs in Focus

2016-08-12 13:10:00
Paul Robinson, Strategist
Share:

What’s inside:

  • The S&P 500 notches new record close, but…
  • Still has resistance to contend with
  • Wedging up between top and bottom-side trend-lines

Yesterday, the market moved higher by a modest amount, notching another record closing print in the S&P 500. It’s been tough sledding for the index, but it continues to press on and provide no solid indications for being a bear. Even as such, taking long entries hasn’t been the easiest of task – choppy summer trading conditions are making sure of that.

Despite the new high closing print, resistance in the 2186/89 vicinity has clarified itself as the market stalled around this area on several occasions. With the swing lower on Wednesday, we now have a trend-line off the 8/2 low, which helps provide some guidance. It’s pretty simple, hold on a dip or just even stay above and the trend remains higher. A dip below from right here won’t be an outright bearish indication, though, there is still support in the 2174/78 vicinity from the very tight late July/very early August range. It would require a break below both the trend-line and sustained trade below 2174 and the 2171 pivot created on Wednesday before we could entertain a firm bearish stance. A break below the bottom-side trend-line would be considered an outright short signal in our book if the following pattern fully matures...

Top-side resistance above the before mentioned zone (2186/89) comes in at the trend-line extending off the 7/14 swing high. With the top-side trend-line and recently established trend-line off the 8/2 low, we have the possibility of an ascending wedge should price continue to works its way between the two intersecting lines. If price wedges up nicely into the apex of the pattern, then the market could make a break for it with sustained force (in either direction). We will touch further on this development should it move from potential scenario to reality.

S&P 500: Notches New Record High, Short-term Techs in Focus

For now, continuing to keep it light and waiting to see how things play out with the current technical developments. Something with clarity should present itself fairly soon. It might be a quick-hitter, but if it has good risk/reward then it may be worth taking a crack at.

Square up your trading with the help of one of our many free trading guides, and if you haven’t already, check out, “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 questions or comments.

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

DISCLOSURES

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.