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.

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
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
Oil - US Crude
Bearish
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
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Silver: 1.70% Gold: 0.95% Oil - US Crude: 0.22% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/pdcpeF9zbc
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.61%, while traders in EUR/USD are at opposite extremes with 73.13%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/dqXvVj6gcX
  • Fed Beige Book: - Districts saw modest price increases since last report - Food, autos, and appliances increased significantly in price - Firms continue to take on additional costs related to Covid, including ppe and technology to work from home $SPX $NDX $DXY
  • Fed Beige Book: - Economic output continued to increase across all Fed Districts at a slight to moderate pace - Manufacturing activity increased at a moderate pace in general - Consumer spending growth continues to be positive $DXY
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: US 500: 0.05% Germany 30: 0.05% France 40: -0.11% FTSE 100: -0.12% Wall Street: -0.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/qRmsVvTyG6
  • Heads Up:🇺🇸 Fed Beige Book due at 18:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-10-21
  • Senate Democrats have the votes required to block GOP on aid bill $DXY $SPX
  • Senator Shelby says he is open to $1.9 trillion virus aid package depending on details - BBG
  • Oh look at that, stimulus hopes are off again. The market is definitely growing apathetic towards a follow up stimulus. The issue though is that status quo translates into greater risk of stalled economic recovery and possibly even return to recession
  • A volunteer in Brazil's AstraZeneca vaccine trial has died: Reuters via BBG
S&P 500 – Trump Dump Exposes French Election Gap and Worse

S&P 500 – Trump Dump Exposes French Election Gap and Worse

2017-05-18 12:05:00
Paul Robinson, Strategist
Share:

What’s inside:

  • S&P 500 sliced through 2380 support, trend-line
  • French election gap likely to fill today, and worse
  • Price support doesn’t arrive until 2322/29, Feb ’16 trend-line could come into focus at some point

Find out what is driving the stock market in our market forecasts section.

We started out Tuesday’s post by saying this: “The S&P 500 has been consolidating since the last week of April, with the period having set a sturdy floor right around 2380; this level has become our ‘line-in-the-sand’ for maintaining a neutral to bullish stance.

And then the 'Trump dump' happened.

The S&P gapped down to around the 2380 level, then proceeded to quickly slice through taking off the table the notion of further consolidation. The November/April trend-line also broke with 2380. The sell-off put the market in the gap from the first round of the French elections, and with a gap-fill only about 8 handles from where it closed yesterday there is a good chance we see it happen today, and potentially worse. Other than the gap-fill, there isn’t any solid price support until in the vicinity of 2322/29, the March and April lows. If things get nasty, a break below those lows opens clears a path towards a test of the important February 2016 to current trend-line.

Resistance arrives at the April 24 gap-day low at 2369, and should buyers get ambitious the 2380 level should prove to be problematic for a further advance. In the short-run, the market is positioned to continue yesterday’s dagger of a day.

S&P 500: Daily

S&P 500 – Trump Dump Exposes French Election Gap and Worse

Paul conducts webinars every week from Tuesday-Friday. See the Webinar Calendar for details, and the full line-up of all upcoming live events.

---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