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.



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
More View more
Real Time News
  • Reminder that the 21st OPEC and non-OPEC Ministerial Meeting is scheduled for October 4th
  • Vitol says OPEC+ may need to raise oil output more than expected #OOTT
  • Heads Up:💶 ECB Forum on Central Banking due at 08:00 GMT (15min)
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here:
  • Forex sentiment analysis can be a useful tool to help traders understand and act on price behavior. Learn how to get the most out of understanding trader sentiment here:
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Learn about the importance of the ISM manufacturing index here:
  • 🇫🇷 Consumer Confidence (SEP) Actual: 102 Expected: 100 Previous: 99
  • What is your forex trading style? Take the quiz and find out:
  • Heads Up:🇫🇷 Consumer Confidence (SEP) due at 06:45 GMT (15min) Expected: 100 Previous: 99
  • 🇩🇪 GfK Consumer Confidence (OCT) Actual: 0.3 Expected: -1.6 Previous: -1.1
S&P 500 Tech Update: Staying the Course, Eyeing Higher Prices

S&P 500 Tech Update: Staying the Course, Eyeing Higher Prices

Paul Robinson, Strategist

What’s inside:

  • S&P 500 breaks out of short-term triangle
  • Even if market dips following breakout there is good trend-line support from November
  • Below there lies a potential set of confluence between consolidation lows, Feb trend-line

Beginner and Advanced Trading Guides

The short-term triangle we looked at on Tuesday broke to the upside as anticipated given the trend and strength in risk appetite. It could follow through where it left off yesterday, but even if it retraces a bit there is good support in the market not far below.

The trend-line off the November low is running into the recent period of consolidation, as the market corrects in terms of time instead of price action working off short-term overbought conditions. A touch of the trend-line offers traders a point of reference from where to assess risk in terms of stop placement should it fail to hold.

A failure to hold the Nov trend-line wouldn’t mean all is lost on a good bullish set-up, as the trend-line off the Feb 11 lows and consolidation lows on 12/14 at 2248 come into play. At this time, both angles of support arrive around the same price area, making for potentially solid confluence.

Before looking to the ‘lower before higher’ scenario, we will focus on the November trend-line and short-term triangle. On the top-side we still need to break above 2277.5 to gain momentum. As far as a target from there, a move to 2300 will become the focus.

S&P 500: Daily

S&P 500 Tech Update: Staying the Course, Eyeing Higher Prices

Created with Tradingview

Keep in mind we are in a holiday trading environment until year-end, and as such low liquidity can lead to sporadic price swings at times. With that said, even though markets are tame we must still keep our guard up and demonstrate disciplined risk management.

---Written by Paul Robinson, Market Analyst

You can receive Paul’s analysis directly via email by signing 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.