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.

Free Trading Guides
EUR/USD
Bullish
GBP/USD
Mixed
USD/JPY
Bearish
Gold
Bullish
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.95%, while traders in US 500 are at opposite extremes with 77.08%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/zBAeVA9GKV
  • Commodities Update: As of 17:00, these are your best and worst performers based on the London trading schedule: Silver: 0.28% Gold: 0.00% Oil - US Crude: -0.31% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/GkOHR7JE71
  • S&P 500 rising from support, chart pattern revealing itself while #Dow Jones new high brings into play ‘RST’ pattern. Get your equities technical analysis from @PaulRobinsonFX here: https://t.co/Rb5mMrOqkm https://t.co/kA8zeYlpnM
  • #S&P 500 rising from support, chart pattern revealing itself while #Dow Jones new high brings into play ‘RST’ pattern. Get your equities technical analysis from @PaulRobinsonFX here: https://t.co/Rb5mMrOqkm https://t.co/hpPegahqln
  • RT @WallStJesus: * CHATTER (UNCONFIRMED) -- traders citing FBN as citing a trade source suggesting the December 15th tariffs as gong ahead…
  • RT @economics: U.S. manufacturers expect to reduce capital spending in 2020, which would be the first annual decline in 11 years https://t.…
  • $BTCUSD is down over 3.0% from this morning's high https://t.co/UcmXUNsjes
  • Forex Update: As of 17:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.20% 🇨🇦CAD: 0.13% 🇬🇧GBP: 0.12% 🇯🇵JPY: -0.03% 🇦🇺AUD: -0.18% 🇳🇿NZD: -0.22% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/cuTpe7Glmx
  • Indices Update: As of 17:00, these are your best and worst performers based on the London trading schedule: Germany 30: -0.05% US 500: -0.08% France 40: -0.08% Wall Street: -0.21% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/5Bwk0J689x
  • US #oil is up to retest the $59.00 psychological level that has been in play for the past week https://t.co/jDv5lpEcp1
S&P 500 Technical Outlook: Leaning on Trend Support

S&P 500 Technical Outlook: Leaning on Trend Support

2017-03-14 11:14:00
Paul Robinson, Currency Strategist
Share:

What’s inside:

  • S&P 500 holding confluence of trend-line support
  • Will give trend and support benefit of the doubt until broken
  • FOMC tomorrow could bring a bout of volatility

Looking for trading ideas? See our Trading Guides.

Last week, we looked at the S&P 500 after holding support and had this to say: “How the market comes out of yesterday’s low should help provide us with insight as to whether we will see a strong resumption of the uptrend or entering a period of consolidation.

So far, the shove from support hasn’t been particularly inspiring, and suggests some work will be needed if the market is to continue higher. A period of consolidation with an upward tilt would be a healthy development given the rise in to the nose-bleed section since bottoming in November.

What we will be watching – support, of course. As long as the intersection between the November & ‘cross-through’ trend-line from the February 2016 low keep a bid in the market, then it will be tough to be anything but neutral to bullish. But a slice through those lines and a drop below Thursday’s low and horizontal support at ~2353 will warrant a switch in bias as another leg lower off the early-month high kicks off.

Heads up: FOMC tomorrow may provide a jolt of volatility. The market is expecting a 25-bps rate increase, so ruling out a 0 or 50-bps move volatility will likely stem from the Fed’s language (as is typically the case). No predictions on this end, we’ll simply react to the reaction and go from there…

S&P 500: Daily

S&P 500 Technical Outlook: Leaning on Trend Support

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.