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
Mixed
Oil - US Crude
Bullish
Wall Street
Bullish
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • The non-farm payroll (NFP) figure is a key economic indicator for the United States economy. It is also referred to as the monthly market mover. Find out why it has been given this nickname here: https://t.co/yOUVEEqhc5 https://t.co/2Msf0Dma64
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Gold: -0.01% Silver: -0.05% Oil - US Crude: -0.57% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/kfGYnBnPzL
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: -0.09% 🇳🇿NZD: -0.13% 🇨🇦CAD: -0.17% 🇨🇭CHF: -0.28% 🇬🇧GBP: -0.40% 🇦🇺AUD: -0.42% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/uguqoq37JO
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.17% Wall Street: -0.09% US 500: -0.12% France 40: -0.16% Germany 30: -0.20% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/D92F7Uappm
  • Russian Energy Source says good timing to further ease oil cuts in August, despite expected Iranian oil export return as market is in deficit https://t.co/zlm46bMcWN
  • Citi have lowered their 3-month gold target by $50/oz to $1750 - Maintains 12-month forecast of sub $1600 $XAU
  • ECB sources - ECB policymakers still some way apart on new inflation strategy, but hope for agreement by september - One source said there was a general consensus that "ECB could tolerate inflation above 2%" $EUR
  • Heads Up:🇹🇼 Unemployment Rate (MAY) due at 10:00 GMT (15min) Previous: 3.71% https://www.dailyfx.com/economic-calendar#2021-06-22
  • ECB's Rehn says Q2 data points to fairly fast recovery in the Euro Area - PEPP's purchasing is adaptable and based on market conditions
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/mz97RBVZsc
S&P 500: Standing Head-and-Shoulders Above the Rest?

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

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.

DISCLOSURES