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
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
GBP/USD
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
USD/JPY
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
Gold
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
Oil - US Crude
Mixed
Bitcoin
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
More View more
Real Time News
  • Heads Up:🇬🇧 GBP Output Per Hour (YoY) (3Q P) due at 09:30 GMT (15min), Actual: N/A Expected: N/A Previous: -0.5% https://www.dailyfx.com/economic-calendar#2019-11-12
  • Heads Up:🇬🇧 GBP Employment Change 3M/3M (SEP) due at 09:30 GMT (15min), Actual: N/A Expected: -102k Previous: -56k https://www.dailyfx.com/economic-calendar#2019-11-12
  • Heads Up:🇬🇧 GBP ILO Unemployment Rate 3Mths (SEP) due at 09:30 GMT (15min), Actual: N/A Expected: 3.9% Previous: 3.9% https://www.dailyfx.com/economic-calendar#2019-11-12
  • Heads Up:🇬🇧 GBP Weekly Earnings ex Bonus (3M/YoY) (SEP) due at 09:30 GMT (15min), Actual: N/A Expected: 3.8% Previous: 3.8% https://www.dailyfx.com/economic-calendar#2019-11-12
  • Heads Up:🇬🇧 GBP Average Weekly Earnings (3M/YoY) (SEP) due at 09:30 GMT (15min), Actual: N/A Expected: 3.8% Previous: 3.8% https://www.dailyfx.com/economic-calendar#2019-11-12
  • Heads Up:🇬🇧 GBP Jobless Claims Change (OCT) due at 09:30 GMT (15min), Actual: N/A Expected: N/A Previous: 21.1k https://www.dailyfx.com/economic-calendar#2019-11-12
  • Heads Up:🇬🇧 GBP Claimant Count Rate (OCT) due at 09:30 GMT (15min), Actual: N/A Expected: N/A Previous: 3.3% https://www.dailyfx.com/economic-calendar#2019-11-12
  • Missed today's #AUDUSD weekly outlook webinar? See the recording here - https://t.co/R6cs17q0Oc
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.50%, while traders in France 40 are at opposite extremes with 83.57%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/YBaXNMuxpX
  • How can you be a part time trade? Get your tips on workflow and strategy here with@WVenketas: https://t.co/b8ywNOOgx9 https://t.co/qNBaNeVBPO
S&P 500: Break Higher Will Bring into Play Yet Another Overhanging T-line

S&P 500: Break Higher Will Bring into Play Yet Another Overhanging T-line

2017-06-14 11:58:00
Paul Robinson, Currency Strategist
Share:

What’s inside:

  • S&P 500 holds November slope, pressing up against Feb 2015 top-side t-line
  • A break above the t-line and Friday high of 2446 clears path for move to yet another t-line
  • November slope and 2415 keep market constructive until broken; rising wedge scenario may soon come into view.

What’s driving stocks higher? Find out in our market forecasts.

The S&P had a wild day on Friday due Goldman Sach’s cautious report regarding the mega-cap stocks which make up a large portion of the Nasdaq 100. While it was a damaging day for the tech-heavy index, the S&P managed to close the session relatively unscathed. The low on Friday came at slope support rising up from the November low.

Yesterday’s push higher put the market back at a top-side trend-line running off the February 2015 peak over the March 1 high and recent price action. It’s been a struggle to overcome, but with a push beyond this barrier and above the Friday high at 2446 a path should be cleared for at least another 10 handles or so before possibly stalling again. Another top-side line of resistance (~2355) lies not that far ahead dating back to the end of March, which could also constitute the upper line of a rising wedge. Before we get to that, though, we will need to see it fill out just a bit more and then break either the upper or lower trend-line.

A failure to break and hold above the Friday high, and sharp turn down through the November slope and Friday day low at 2415 would put a dent in a bullish case, and likely see further weakness towards the trend-line extending up from November under the May low.

Later today, the Fed is expected to raise rates by 25 bps, and barring a highly unlikely no-raise or 50 bps, attention will be on signaling by the Fed for the anticipated rate path for the remainder of the year. Barring any strong indications, today’s meeting may be rather uneventful, but as per usual traders should expect the unexpected. Sign up for live coverage of the FOMC announcment with Chief Currency Strategist John Kicklighter here.

S&P 500: Daily

S&P 500: Break Higher Will Bring into Play Yet Another Overhanging T-line

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.