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. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
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
  • GBPUSD trend may be resuming after trendline break - #GBPUSD chart
  • 🇯🇵 Consumer Confidence (JUL) Actual: 37.5 Previous: 37.4
  • 🇮🇳 Markit Manufacturing PMI (JUL) Actual: 55.3 Expected: 50.5 Previous: 48.1
  • Heads Up:🇯🇵 Consumer Confidence (JUL) due at 05:00 GMT (15min) Previous: 37.4
  • Heads Up:🇮🇳 Markit Manufacturing PMI (JUL) due at 05:00 GMT (15min) Expected: 50.5 Previous: 48.1
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here:
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.66%, while traders in Wall Street are at opposite extremes with 74.99%. See the summary chart below and full details and charts on DailyFX:
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.03% 🇯🇵JPY: 0.00% 🇦🇺AUD: -0.03% 🇨🇦CAD: -0.04% 🇨🇭CHF: -0.04% 🇳🇿NZD: -0.08% View the performance of all markets via
  • Gold Prices Risk Forming a “Double Top” Despite Yields Drop
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.52% US 500: 0.51% FTSE 100: 0.49% France 40: 0.47% Wall Street: 0.43% View the performance of all markets via
S&P 500, Dow Jones Flashing Signs of a ‘Mini-top’

S&P 500, Dow Jones Flashing Signs of a ‘Mini-top’

Paul Robinson, Strategist

What’s inside:

  • S&P 500 rising wedge maturing, nearing its breaking point
  • Dow Jones index etching out similar formation
  • If these are to break, it should happen in next couple of days

Check out the DailyFX Quarterly Forecasts to find out where our analysts see global stock markets ending the year.

Last week, we discussed the potential for a rising wedge in the S&P 500 to form, and if triggered the market could be in for a decline and thus a rise in volatility as a result. Since that post, the pattern has matured towards its ‘make-or-break’ point, or apex. This price sequence has become increasingly visible in the Dow, too.

The tendency, after extended advances, is for rising wedges to lead to a decline, but in some cases a move higher out of the pattern can occur. Should the latter happen, it is likely to prove terminal as often is the case when we see a bullish breakout within the context of a market which is extended. Either way, whether the S&P simply cooperates and undercuts the bottom-side trend-line or shoots higher first before taking out the belly of the pattern, a pullback looks to be just on the horizon.

S&P 500: Hourly

S&P 500, Dow Jones Flashing Signs of a ‘Mini-top’

The June slope has been a big line of support, and may be a point the market initially leans on, but if we are to see the rising wedge exert its forces then it should prove to be more of a speed-bump than an end-point for a decline. The targeted area of support we’ll look to should this thing start rolling downhill arrives around the base of the pattern in the vicinity of 2544/40.

Check out this guide for tips on Building Confidence in Trading.


S&P 500, Dow Jones Flashing Signs of a ‘Mini-top’

The Dow Jones price sequence isn’t quite as pretty as it is in the bigger S&P, but nevertheless it’s a valid rising wedge and ultimately will follow suit. The initial target is for a move to 23250.

Dow: Hourly

S&P 500, Dow Jones Flashing Signs of a ‘Mini-top’

Want to hear Paul’s analysis live? See the Webinar Calendar for details and a schedule of all upcoming 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.