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
Subscribe
Please try again
EUR/USD
Bullish
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • Point 3 is not talked about enough. The bureaucratic - dare I say, Leviathan - in most universities is resulting in tuition prices skyrocketing without adding clear value to the students. https://t.co/WNZIORrfAk
  • Think #amzn will gap higher on Monday after Black Friday and the giant move to online shopping?
  • The exponential moving average (EMA) is a derivative of the simple moving average (SMA) indicator. Compared to the SMA, the EMA weighs recent price changes more heavily than later changes in price. Learn how to incorporate the EMA into your strategy here: https://t.co/w48c0xJXSX https://t.co/xFmhA7ZHqU
  • Traders in the Euro have a big decision to make this weekend: if EUR/USD hits 1.20, will it continue to advance, consolidate or fall back? Get your $EURUSD market update from @MartinSEssex here:https://t.co/8hAhguZcEA https://t.co/kwtatozp3z
  • The bullish engulfing candle is one of the forex market's most clear-cut price action signals for reversals and continuation. Learn more about this price action trading signal here: https://t.co/Yg6ecRZZNr https://t.co/9SdceNYUEK
  • The bull flag pattern is a great pattern to add to a forex trader's technical arsenal. Explosive moves are often associated with the bull flag. Learn more about the bull flag pattern here: https://t.co/yOEvLjKnct https://t.co/imv2PnapzH
  • Defensive stocks have proven critically important when navigating stock market volatility. Find out what are the most defensive stocks here:https://t.co/TMcbMALtbw https://t.co/mmldxxEtsc
  • Dollar Index has broken major uptrend support and risks accelerated losses into the December open. Get your $USD technical analysis from @MBForex here:https://t.co/Txo8l8S1f1 https://t.co/YLVzP95JH8
  • The MACD is an indicator that uses exponential moving averages (EMA) to determine trend strength along with entry points based on crossovers. Find out how you can use the MACD as a buy/sell signal here: https://t.co/qxnP99uqTQ https://t.co/tGVqSZ2zK3
  • Support and resistance are the cornerstone of technical analysis, making it the foundation that you build your knowledge on. Build a stronger foundation here: https://t.co/yXLaRpl90I https://t.co/reMoYpqkQO
S&P 500 Technical Analysis: Looking to Put Bearish Scenario to Rest

S&P 500 Technical Analysis: Looking to Put Bearish Scenario to Rest

2017-09-11 11:35:00
Paul Robinson, Strategist
Share:

What’s inside:

  • Global risk appetite healthy to start the week
  • S&P 500 looking to put to rest one bearish possibility
  • Break above 2480 clears path to new record highs.

New to Trading? Check out this beginner’s guide – Building Confidence in Trading

Recently we’ve made mention of one possible bearish scenario – ‘head-and-shoulders’ top. The keyword being, “scenario”. This is what we had to say in our weekly equity market forecast, “There is still a small possibility we see a ‘head-and-shoulders’ top come to fruition, but until we see the market pick up steam to the downside and solidify the ‘right shoulder’ it’s only a passing scenario at this time. Appetite for risk remains stable and with that a move towards new record highs still has good odds.”

To start the week in Asia and Europe we are seeing good buying, as the Nikkei closed up 1.41% and the DAX and CAC are each sporting 1%+ gains at this time. Both of those key European indices are also breaking above key thresholds.

U.S. index futures are indicating a strong open at the time of this writing, with the S&P 500 trading higher by 12.50 handles to 2473.50, Dow rising 115 to 21893, and the Nasdaq 100 contract up 42.5 to 5967.

With a little more buying the 9/1 Friday high at 2480 will likely get exceeded, opening up a path for the intra-day record high at 2491. A clean break to new highs could bring into play a top-side trend-line which at this time doesn’t arrive until ~2520/30. A failure today would of course put pause into this notion, but at this time there still looks to be another leg higher coming in the market. A failed move higher followed by a break of last week’s low at 2446 would have us shifting into reverse, at least temporarily.

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

S&P 500: Daily

S&P 500 Technical Analysis: Looking to Put Bearish Scenario to Rest

---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