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
Oil - US Crude
Bullish
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
Bullish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • The Core-Perimeter trading model helps traders understand interactions between global economies, helping to trade the assets embedded in these relationships. Get your market update from @ZabelinDimitri here:https://t.co/dKRAo00lfA https://t.co/jw5uvZBvRx
  • Hello there, traders! It has come to my attention that there have been people pretending to be me on Twitter. If you see anyone doing so, please be sure to report them. My Twitter handle is @ZabelinDimitri. Any variation of that is an imposter. Please spread the word.
  • After approximately 100 votes, it seems that a narrow majority of participants to my poll believe Gold ($GC_F) is going to resolve its congestion with a break lower: https://t.co/NTwXu7ZaGF
  • 🇯🇵 Bank Lending YoY (JUN) Actual: 6.2% Expected: 7.2% Previous: 4.8% https://www.dailyfx.com/economic-calendar#2020-07-07
  • Heads Up:🇯🇵 Bank Lending YoY (JUN) due at 23:50 GMT (15min) Expected: 7.2% Previous: 4.8% https://www.dailyfx.com/economic-calendar#2020-07-07
  • The ASX 200 and AUD/JPY are at risk of losses as cases of Covid-19 continue to climb in Victoria, Australia’s second-most populous state. Get your #ASX market update from @DanielGMoss here: https://t.co/O0LNvhy4eY https://t.co/D0gLVmr3Oy
  • Will be discussing the outlook for equities such as the #DowJones and covering the growth-linked Australian and Canadian Dollars. Signup below! #AUDUSD $USDCAD https://t.co/3zrxxRtpEf
  • If you missed yesterday's live coverage of the #RBA rate decision where I discussed the outlook for the Australian Dollar, check out the recording below - https://t.co/KyXcN0ExHg
  • #AUDJPY May Extend Losses as Growing #Virus Cases Sour Risk Appetite⬇️ https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2020/07/07/AUDJPY-May-Extend-Losses-as-Growing-Virus-Cases-Sour-Risk-Appetite.html
  • Join @ddubrovskyFX 's #webinar at 8:00 PM ET/12:00 AM GMT to find out what information you can gain from knowing what other traders are buying or selling. Register here: https://t.co/Bb3CTCTm44 https://t.co/G4L3ed3Lj4
S&P 500 Technical Update: Levels & Lines to Consider

S&P 500 Technical Update: Levels & Lines to Consider

2016-11-28 11:53:00
Paul Robinson, Strategist
Share:

What’s inside:

  • The S&P 500 keeps on moving to new levels, but…
  • Likely to go through a choppy period of trading
  • Support is likely to hold on a first dip lower

In our last post, prior to the Thanksgiving holiday in the U.S., we had this to say about the S&P 500: “The combination of persistent upward pressure, new highs, and holiday trading environment make fighting the trend a difficult proposition. No need here to be a hero." (Meaning, no need to try and find a top.)

Indeed, the market has been persistently higher in recent sessions. New highs often times create a tricky environment, as trading conditions turn choppy with buyers becoming shy at elevated levels, but also lacking any real reason to become aggressive sellers.

The current advance could use some backing-and-filling, which we suspect will take place soon, but at this time we are not looking for downside momentum to become aggressive. On Tuesday, we were looking at ‘hidden’ resistance in the form of a trend-line running over peaks starting back in H1 2015, around 2207, but the S&P on Friday didn’t find issue as it floated on through. Given the longer-term nature of the line, a margin of a few handles above and below needs to be given.

Depending on how one draws it, we are in the territory of the back-side of the Feb 11 trend-line broken last month. Like the 2015 trend-line, this one is only considered minor in nature. The two are near an intersection right now and could reinforce one another.

Obviously, though, it’s difficult to find resistance at record highs. Gravity eventually becomes the biggest form of resistance.

Dip buyers are likely to show up on any initial drop, which will make the old highs at 2194 down to around 2188 our first area of interest. To pique our interest as sellers we will need to see price action tell us a top, even if only temporary, is carving itself out.

S&P 500: Daily

S&P 500 Technical Update: Levels & Lines to Consider

Created with Tradingview

Check out one of our several Trading Guides designed to help traders of all experience levels improve their skillsets.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinonFX.

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

DISCLOSURES

News & Analysis at your fingertips.