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
Mixed
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
Mixed
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
Gold
Mixed
GBP/USD
Bullish
USD/JPY
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
More View more
Real Time News
  • #Gold saw its worst performance the past 5 days in 5 months as longer-dated government bond yields in developed countries rose Could this be the beginning of a turning point in #XAUUSD? https://www.dailyfx.com/forex/fundamental/forecast/weekly/chf/2020/08/15/Gold-Price-Outlook-Will-XAUUSD-Brush-off-Worst-Week-in-5-Months.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/x2Indk3b7P
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out: https://t.co/td5WA4hCZC https://t.co/PT09ZsIOCa
  • The US #Dollar may rise, buoyed by haven demand as fiscal stimulus talks stagnate and swelling tensions between Washington and Beijing sink trade talks. Get your #currencies update from @DanielGMoss here: https://t.co/Wcw9PDUr67 https://t.co/gnYZYl6aLV
  • Upside in #CrudeOil struggling ahead of #OPEC meeting. Cartel likely to maintain wait and see approach. Get your #commodities update from @JMcQueenFX here: https://t.co/gNHHKoTUzm https://t.co/eF40DRIBJ5
  • #Gold had some big moves last week, and while vol is expected to die down a bit, it will be important to see if gold can hold its ground in the coming days/weeks. Get your #metals update from @PaulRobinsonFX here: https://t.co/N8a84hRnHN https://t.co/3fjodPHTDm
  • The S&P 500's refusal to hit a record and Dollar's anchor to range this past week is sign of summer liquidity conditions, but the quiet is not insurmountable. 'S&P 500 Record and Dollar Break Look to Stimulus and Trade to Override Seasonality' https://www.dailyfx.com/forex/video/daily_news_report/2020/08/15/SP-500-Record-and-Dollar-Break-Look-to-Stimulus-and-Trade-to-Override-Seasonality-.html https://t.co/mbvPkdQfYl
  • Get your snapshot update of the of relative currency strength and exchange status from around the globe here: https://t.co/DmhBkcMZBK https://t.co/kFk6ccU3Sk
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/aXSB0bG3y0
  • Take a closer look visually at the most influential global importers and exporters here: https://t.co/1G7CRsegRX https://t.co/i342ipPuvW
  • Why financial market traders must monitor both monetary and fiscal policy? Find out from @MartinSEssex here:https://t.co/Fkzk88Y5gm https://t.co/tHp0Nb3Tr5
S&P 500 Supported for Now

S&P 500 Supported for Now

2017-02-02 11:51:00
Paul Robinson, Strategist
Share:

What’s inside:

  • S&P 500 dips back into support, holding for now
  • Until support is breached, bias is neutral to bullish
  • Important levels outlined

Trading Ideas and Guides

In last week’s post, we were discussing the breakout in the S&P 500 from the multi-week basing pattern; the market was looking good, our eyes were set on 2300/20 based on the depth of the consolidation formation.

We had this to say about a pair of lines on its way higher: Minor resistance lies at the under-side of a pair of trend-lines around 2290/95; one off the Feb low and the other from November.”

'Minor', as it turns out, understated the importance of this confluence (at least in the short-term).

The S&P traded around this confluence for a couple of sessions before dropping back. It was labeled ‘minor’ due to the lines running with the trend – had they been converging down on price, different story. At any rate, should the market finds its way back up towards these lines, we’ll place more emphasis on them next time given how the market responded.

The dip off the highs found support at the trend-line off the 12/30 low, and on all three days this week, so far, the market has been able to recoup a good chunk of intra-day losses. These mini rebounds are coming on attempts to trade back below last week’s breakout. The market could be in the process of attempting to roll over from here, but it will need to clear support, first. Until it does, we will maintain a neutral to bullish bias.

The before-mentioned trend-line and Tuesday low at 2267 are first in focus. Below there comes a top-side trend-line running all the way back to 2007. It’s quite an extended period of time, but given the three responses by the market to hold dips since the middle of December, it’s in play (~2260). Below there, we have the 1/12 low at 2254; and below there is where some room opens up for a move to the 2015 top-side t-line and the low created on the final day of 2016 at 2233.

S&P 500: Daily

S&P 500 Supported for Now

Created with Tradingview

See the Webinar Calendar for a schedule of upcoming live events with DailyFX analysts.

---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.

DISCLOSURES

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.