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
Wall Street
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
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Breaking news

US House Speaker Nancy Pelosi announces no fiscal stimulus deal reached after failed talks Thursday evening

Real Time News
  • Heads Up:🇯🇵 Unemployment Rate (AUG) due at 23:30 GMT (15min) Expected: 3% Previous: 2.9% https://www.dailyfx.com/economic-calendar#2020-10-01
  • RT @FxWestwater: EU Stoxx 50 Forecast: Bears Ready to Drag Index Lower on Rising Virus Cases? - via @DailyFX https://www.dailyfx.com/forex/market_alert/2020/10/01/EU-Stoxx-50-Forecast-Bears-Ready-to-Drag-Index-Lower-on-Rising-Virus-Cases.html ht…
  • The New Zealand Dollar’s correction lower against the Japanese Yen and US Dollar may be at an end, as NZD remains constructively perched above key chart support. Get your $NZD market update from @DanielGMoss here:https://t.co/8GiKFTfrMP https://t.co/NbRPmU4ce2
  • S&P 500 Outlook: Stocks Flop, VIX Pops on Failed Stimulus Talks Link to Analysis via @DailyFX - https://www.dailyfx.com/forex/market_alert/2020/10/01/sp500-outlook-stocks-flop-vix-pops-on-failed-stimulus-talks.html $ES_F $SPX $SPY #Trading https://t.co/FDVzo9yV4X
  • Yesterday’s gains in the Euro had largely stemmed from month & quarter end rebalancing flows, which had been quite the contrary to various investment bank models touting USD buying. Get your $EURUSD market update from @JMcQueenFX here:https://t.co/zgvi24o4SR https://t.co/7qn4zTf6es
  • $EURUSD Daily Pivot Points: S3: 1.1497 S2: 1.157 S1: 1.1601 R1: 1.1673 R2: 1.1716 R3: 1.1789 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.48% 🇦🇺AUD: 0.28% 🇨🇭CHF: 0.25% 🇪🇺EUR: 0.21% 🇯🇵JPY: -0.06% 🇬🇧GBP: -0.29% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/7SFSKZGIXS
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Silver: 2.39% Gold: 1.04% Oil - US Crude: -0.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/shTxKyCvb8
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.66%, while traders in US 500 are at opposite extremes with 65.68%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/rUjXP0dNLh
  • New York City Government Bonds downgraded from Aa1 to Aa2 by Moody's - BBG
S&P 500 Technical Analysis: Bullish, but Cautiously So

S&P 500 Technical Analysis: Bullish, but Cautiously So

2017-10-13 10:00:00
Paul Robinson, Strategist
Share:

What’s inside:

  • Seasonality turned positive this week, but could see a hiccup develop soon
  • S&P 500 consolidating above recently crossed top-side trend-lines
  • Looking for another thrust higher, but watching for price action we’ve seen before to turn bias

Find out what is expected to drive markets into year-end in the DailyFX Quarterly Forecasts.

Just a few days ago seasonality trends turned from the worst of the year to positive and so this means stocks must continue to propel higher, right? It appears as though Q4 will end better than where it started (Q4 Equity Forecast). Not exactly a bold call given the past eight quarters in a row have been positive. But a hiccup is certainly in the cards and would be fitting to see soon since many have recently been discussing the flip to positive seasonality.

For now, though, let’s look at where the market could be headed in the immediate future and what could signal the beginning of a ‘hiccup’. Last week when we looked at the S&P 500 it had just finished up its eighth day in a row of gains, and this is what we had to say regarding the break above its only visible resistance: “On a pullback/consolidation watch how the market treats the recently broken top-side trend-lines, especially the June line. If it can hold as support then there may be an opportunity for would-be longs to join in on further upward momentum.”

The past week has indeed brought a period of consolidation with the market leaning on the June trend-line, and as long as it holds and we don’t see a break below the bottom of the recent high-level consolidation at 2542, then we look for another thrust higher to unfold. And while this appears likely to be the case we continue to believe any long trades entered at these levels are best sold into renewed strength as risk of a decline increases with each extended move higher.

The market is extended but we aren’t seeing price action which suggests we should turn our focus lower. Not yet. We’ve been warned on several occasions this year that we are on the cusp of entering a period of underperformance and once again we’ll wait for a warning to show again before turning our focus lower. Over the months these warnings showed up in sudden, sharp changes in momentum from one day to the next.

Paul conducts webinars Tuesday-Friday. See the Webinar Calendar for details and a schedule of all upcoming live events.

S&P 500: Daily

S&P 500 Technical Analysis: Bullish, but Cautiously So

---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