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
Please try again
Oil - US Crude
Wall Street
More View more
Real Time News
  • AUD/USD sharply higher following last week's decline $AUDUSD
  • The US Dollar has put in a very strong push since the Thursday lows – and for traders looking to fade that move, the long side of GBP/USD may be attractive. Get your $GBP market update from @JStanleyFX here:
  • Commodities Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.21% Gold: -0.71% Silver: -0.76% View the performance of all markets via
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 91.57%, while traders in GBP/JPY are at opposite extremes with 66.37%. See the summary chart below and full details and charts on DailyFX:
  • Biden administration to use 'all available tools' to challenge unfair China trade practices, still conducting comprehensive review of trade policy with China - BBG $USDCNH
  • Indices Update: As of 19:00, these are your best and worst performers based on the London trading schedule: US 500: 2.42% Wall Street: 2.17% FTSE 100: 0.26% Germany 30: 0.12% France 40: 0.10% View the performance of all markets via
  • $USDJPY is hitting fresh multi-month highs today as the pair continues to trade above the 106.50 level. The last time this pair traded at that level was in early August. $USD $JPY
  • $WTI Crude Oil is down over 4% off of today's highs, falling from an intraday high above 62.50 to currently trade right around 60.00, its lowest level since early last week. $USO $OIL
  • 🇧🇷 Balance of Trade (FEB) Actual: $1.2B Expected: $0.9B Previous: $-1.125B
S&P 500: Below Critical Support, Markets Dislike Uncertainty

S&P 500: Below Critical Support, Markets Dislike Uncertainty

Paul Robinson, Strategist

What’ inside:

  • Uncertainty over upcoming election weighing on the market
  • FOMC later today, already feels like an afterthought
  • S&P 500 below support, path of least resistance is lower

You can receive Paul's analysis directly via email by signing up here.

In recent days, we have been checking out the market from a close-up view, looking at 60-minute charts of the S&P 500 and Nasdaq 100 for short-term levels to operate off of. Today, we’ll dial back a bit and put things into broader perspective.

Since Friday, when the FBI announced it was furthering its investigation into presidential candidate Hillary Clinton, the upcoming election on Tuesday has taken an uncertain turn. One thing we know: Markets do not like uncertainty. It is reasonable to conclude that stocks will ‘trade heavy’ until the election passes.

The FOMC announcement later today is already looking like an afterthought. The Fed is expected to remain on hold until the December meeting where, according to the CME ‘FedWatch Tool’, there is over a 68% probability of a rate hike. As per usual, today the market will be focused on the Fed’s language in its policy statement, and it seems unlikely there will be anything to ruffle the market's feathers.

We saw a good deal of selling yesterday, enough to push the S&P below critical support at 2115 on a daily closing basis. There was a sizable late-day rebound, but still the market was unable to close back above the critical support area it has held since mid-September. The lower low below support doesn’t mean the market will necessarily fall apart, but it does help reinforce the path of least resistance to the downside. Resistance clocks in at the 2115/20 zone on a bounce, and must be recaptured if the market is to reverse its recent course.

On the downside, we will be looking for yesterday’s low at 2198, then the lower parallel belonging to the top-side trend-line off the 8/23 high and the lower parallel matching the trend-line off the 10/10 high (~2093). While not a big advocate of moving averages, the 200-day, especially in equities, is worth keeping an eye on given its long-time popularity. It currently clocks in at 2080. At this time, there is no clearly visible price support until all the way down to the 6/27 low at 1992. We won’t worry about that right now unless the situation gets really dicey.

S&P 500: Daily

S&P 500: Below Critical Support, Markets Dislike Uncertainty

Created with Tradingview

Check out one of our helpful trading guides designed for traders of all experience levels.

---Written by Paul Robinson, Market Analyst

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

You can follow Paul on Twitter at @PaulRobinonFX.

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