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
Bearish
Wall Street
Mixed
Gold
Bearish
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • 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: 0.02% Germany 30: 0.02% France 40: -0.07% FTSE 100: -0.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/BPGABPy6pD
  • Gold price decline from triangle has room to 1800-area. Get your $XAUUSD market update from @PaulRobinsonFX here: https://t.co/bK4bo43DXw https://t.co/UVMGMAAkS3
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Silver: 2.95% Gold: 0.84% Oil - US Crude: -0.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/FPnLbC3Pxf
  • With Eurozone economic data shrugging in recent weeks, European Central Bank interest rate expectations have been creeping forward towards April 2021. Get your $EURUSD market update from @CVecchioFX here: https://t.co/vBPciSW5pH https://t.co/qubKMRFnjv
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.19%, while traders in EUR/USD are at opposite extremes with 61.05%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/A8bc63PO79
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.04% France 40: 0.01% FTSE 100: 0.01% US 500: -0.29% Wall Street: -0.34% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/MqwdApCJ0C
  • The US Dollar is pulling back from what’s become a strong outing in the month of September. Get your $USD technical analysis from @JStanleyFX here:https://t.co/hOvSiIDFLT https://t.co/d0SEnfJT0s
  • webinar starting right now - looking at 1. themes for q3 close 2. debates starting tonight, what might market ramifications be? 3. heavy week of data out of the us - $USD in the spotlight https://www.dailyfx.com/webinars/455809179 https://t.co/tZxa4c2zVl
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.20%, while traders in US 500 are at opposite extremes with 62.11%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/9tCHS7o18f
  • Heads Up:🇺🇸 Fed Williams Speech due at 17:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-09-29
S&P 500/Nasdaq 100 Offer Several Short-term Reference Points

S&P 500/Nasdaq 100 Offer Several Short-term Reference Points

2016-09-29 11:46:00
Paul Robinson, Strategist
Share:

What’s inside:

  • Lines/levels showing up in the S&P 500 & Nasdaq 100 worth noting
  • Offer guidance for short-term traders to operate off of
  • Bigger picture not presenting a lot of clarity at the moment, continuing to focus on short-term charts

On Tuesday, we looked at several angles of influence with regards to the short-term chart of the S&P 500. The number of lines to reference has been slightly reduced in the couple of days since, but there remains a couple of old and a couple of new ones added which are worth keeping an eye on for you short-term operators.

To being with, the S&P is pulling off a trend-line from the 9/8 peak along with a multi-day parallel; we will begin there as our guide for resistance in the short-run.

Going back to 9/15 we still have in place a solid parallel we were using as resistance earlier in the week, but now comes in as support on a break lower. Rising up from the south is the lower parallel of a short-term channel. Below there the lower parallel of the channel developing off the 9/12 low will come into play.

The top-side trend-line and lower parallel could funnel price action towards the apex of a triangle, which we would then have to wait for a break of either side before running with it.

SPX500: Hourly

S&P 500/Nasdaq 100 Offer Several Short-term Reference Points

Created in Tradingview

While we are at it, we will look at the Nasdaq 100, because it also has some interesting inflection points worth keeping on the charts. For starters, there is a top-side parallel which the tech-heavy index is failing to climb above. For the Nasdaq to tilt bullish it will need to clear this hurdle.

At the time of this writing the index is on the verge of breaking a short-term trend-line dating back to Tuesday. A bit further down is the trend-line rising up from the 9/12 low along with horizontal support in the 4850 vicinity.

A break below both t-lines and horizontal support will bring into focus the lower parallel running back to 9/12. It has numerous inflection points, making it a key angle to pay attention to; it also adds weight its upper parallel as resistance.

NDX: Hourly

S&P 500/Nasdaq 100 Offer Several Short-term Reference Points

Created in Tradingview

Traders can utilize the before mentioned markers as support and resistance for short-term positioning, and until we gain better clarity on the big picture, we will likely be best served keeping expectations of large moves muted in the meantime.

Learn more about charts and price action analysis in one of our free trading guides designed for traders of all experience levels.

---Written by Paul Robinson, Market Analyst

To receive analysis from Paul directly via email, please sign up here.

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