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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
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
Wall Street
More View more
Real Time News
  • The US Dollar will be bracing for a cascade of political risks including the first presidential debate, ongoing stimulus talks, the Supreme Court vacancy against the backdrop of key employment data. Get your #currencies update from @ZabelinDimitri here:
  • The Indian Rupee may be at risk to the US Dollar as USD/INR attempts to refocus to the upside. This is as the Nifty 50, India’s benchmark stock index, could fall further. Get your $USDINR market update from @ddubrovskyFX here:
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out:
  • Weakness in equity markets continued last week as losses built and technical patterns hint further bearishness might be ahead. Get your #equities update from @PeterHanksFX here:
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here:
  • 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:
  • #Gold prices succumbed to selling pressure as the US Dollar soared this past week What is #XAUUSD facing these next few days and can these fundamental forces extend its selloff? Check out my outlook here -
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here:
  • 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:
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here:
S&P 500: Standing Head-and-Shoulders Above the Rest?

S&P 500: Standing Head-and-Shoulders Above the Rest?

2016-09-09 11:42:00
Paul Robinson, Strategist

What’s inside:

  • The S&P 500 puts a potential lower high scenario and…
  • A possible right shoulder to an H&S formation
  • Need confirmation before turning outright bearish, market still tilted slightly higher

In yesterday’s commentary, it was noted that a cautiously bullish stance appears to still be warranted, however, a bearish alternative was also explained should the S&P 500 make a lower high. A ‘head-and-shoulders’ top is in the works, with Thursday’s price action acting as a potential right shoulder to the pattern.

The timing of the formation lines up with other market forces. September is the worst performing month of the year for stocks, and as such anything which corroborates this seasonal bias is something worth sitting up and paying attention to.

But to reiterate from yesterday, a break of the neckline and a lower low below 2156 is needed to confirm the pattern; so we aren’t there yet. An upward channel since the mid-July chop-fest began continues to keep the market pointed higher, for now.

S&P 500: Standing Head-and-Shoulders Above the Rest?

The clock is ticking. If the market is to roll over, we should see a confirmation break in the next week or so. If support holds, then so does any bearish bias.

One other note worth mentioning, since it’s been awhile since discussing, is that in recent years when the market made a new record high it had a propensity to punish those who bought the breakout within days to a couple of months later.

You should always be looking for ways to improve your trading; check out one of our several free trading guides designed to help do just that.

---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.