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
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
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
Bearish
Gold
Bearish
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
More View more
Real Time News
  • The USD/CAD breakout is now approaching near-term uptrend resistance and while the broader outlook remains constructive, the bulls may be vulnerable here. Get your $USDCAD technical analysis from @MBForex here: https://t.co/Bdr4y9lTJv https://t.co/kjg9w2JkLq
  • US Equities Update (Wednesday Close): $DJI -1.92% $SPX -2.37% $NDX -3.16% $RUT -3.04% $VIX +7.86%
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: US 500: -0.03% Wall Street: -0.03% Germany 30: -0.87% FTSE 100: -0.88% France 40: -0.89% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/Je9EmV34kz
  • Looks like we got everyone's view on it: https://t.co/Y0zskurvsB
  • Commodities Update: NYM WTI Crude 39.83 (+0.08%), ICE Brent Crude 41.69 (-0.07%), NYM NYH Gasoline 117.81 (+1.19%). [delayed]
  • Today's webinar recording if you missed it live - https://t.co/JyBaVkbzI8
  • US Dollar Price Action Setups: EUR/USD, GBP/USD, AUD/USD https://www.dailyfx.com/forex/analyst_picks/todays_picks/james_stanley/2020/09/23/US-Dollar-Price-Action-Setups-USD-EUR-USD-EURUSD-GBP-USD-GBPUSD-AUD-USD-AUDUSD.html https://t.co/mXFX1rWAr0
  • Canadian #Dollar Outlook: $USDCAD Breakout Levels- Bull’s First Test - https://t.co/sDdpxq3Zxd https://t.co/mFLUeJ8sY2
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.05% Gold: -1.79% Silver: -5.98% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/wrmWnBAFaX
  • TikTok files for a preliminary injunction against Trump ban - BBG
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