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
Mixed
GBP/USD
Bearish
USD/JPY
Bearish
Gold
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
Bitcoin
Bearish
More View more
Real Time News
  • The Australian Dollar and New Zealand Dollar tend to rise with stocks. They have recently fallen despite gains in the #SP500. What does this mean for $AUDUSD and $NZDUSD ahead? #AUD #NZD #RBA #RBNZ - https://www.dailyfx.com/forex/fundamental/article/special_report/2020/01/17/AUDUSD-NZDUSD-Outlook-Looks-Past-Stocks-to-Rate-Cut-Bets.html?CHID=9&QPID=917702 https://t.co/ddf2fV7Kyl
  • A few snippets from today's commentary. Check out the link below for the full story (via @DailyFX). https://t.co/I31tuq764r https://t.co/x0BaiOFA1P
  • Have you joined @DailyFX @facebook group yet? Discuss your #forex strategies and brush up on your skills with us here: https://t.co/jtY1G7g8yx https://t.co/e2YrN3dBrl
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 98.00%, while traders in France 40 are at opposite extremes with 79.59%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/UL7hqSD2Ki
  • US Dollar Forecast: $USD Lacking Impetus Ahead of Consumer Sentiment #Forex traders shift focus away from US-China trade deal headlines - perhaps toward the monthly release of #ConsumerSentiment data for volatility and clues on the Greenback's next move https://www.dailyfx.com/forex/fundamental/us_dollar_index/usd_trading_today/2020/01/16/us-dollar-forecast-usd-lacking-impetus-ahead-of-consumer-sentiment.html
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.11% 🇦🇺AUD: -0.02% 🇯🇵JPY: -0.03% 🇨🇭CHF: -0.05% 🇬🇧GBP: -0.06% 🇨🇦CAD: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Kxcb9EtIWb
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.45% France 40: 0.26% Wall Street: 0.07% US 500: 0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/I5YIsKQAog
  • 🇯🇵 JPY Tertiary Industry Index (MoM) (NOV), Actual: 1.3% Expected: 1.0% Previous: -5.2% https://www.dailyfx.com/economic-calendar#2020-01-17
  • The $JPY has weakened as a bounce-back in risk appetite saps haven-asset demand. However, the old uptrend line still provides clear resistance. Get your market update from @DavidCottleFX HERE:https://t.co/IMhgQ9jbF9 https://t.co/I7087olftk
  • Heads Up:🇯🇵 JPY Tertiary Industry Index (MoM) (NOV) due at 04:30 GMT (15min), Actual: N/A Expected: 1.0% Previous: -4.6% https://www.dailyfx.com/economic-calendar#2020-01-17
S&P 500 Tech Outlook: Will Buyers Step Up on Near-term Weakness?

S&P 500 Tech Outlook: Will Buyers Step Up on Near-term Weakness?

2017-06-06 12:11:00
Paul Robinson, Currency Strategist
Share:

What’s inside:

  • S&P 500 set to decline off top-side trend-line, if it does will add validity as resistance
  • Support levels in focus will come into view quickly
  • Difficult to buy at lofty levels, a period of consolidation/pullback will pique interest

Find out what’s driving global equities in our market forecasts.

The last time we looked at the S&P 500, we were watching for a dip into support as the preferred trading approach, which we got on the final day of May. Since then the S&P has extended into a top-side trend-line crossing over the March 1 peak from a high created in February 2015. It’s initially viewed as minor in significance given not only it's in the direction of the trend but also due to the distance between inflection points (over two years). A hard turn lower, though, would validate this line. The S&P is currently indicating a lower open at the time of this writing (-7.5 handles), so we’ll see if it becomes a gap-down buy or if sellers can come in and push the market solidly lower today. If we see a material red day in the market, then the top-side trend-line will have added weight as resistance moving forward.

Looking lower, there is a trend-line off the May low which will quickly come into view on weakness. Below there is a slope about 15 points lower rising up from November; it passes through last month’s price action, but could still be a source of support on a dip. How the market reacts to it, should it be met, will determine its validity. It’s likely premature to discuss, but beneath there lies the trend-line from November passing under the May low. It would require an aggressive move to get to that point, and at this time the market is still viewed as constructive, of which a sharp short-term move to that point would not be considered constructive.

It’s tough buying at lofty levels. It’s not any easier as a seller. We’ll demonstrate patience and see if the market can digest recent gains through a brief period of consolidation/pullback before looking for an opportunity to join the trend higher. If risk-off starts gripping markets, then we may have to adjust this outlook, accordingly.

S&P 500: Daily

S&P 500 Tech Outlook: Will Buyers Step Up on Near-term Weakness?

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

News & Analysis at your fingertips.