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
Mixed
Oil - US Crude
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
Wall Street
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
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • RT @KyleR_IG: The Aussie 10Y yield: surely this thing has to break lower at some point, especially with bullish sentiment cooling off in gl…
  • Bitcoin struggled to maintain a push into record highs and appears to be vulnerable to a near-term pullback. Litecoin and Ethereum saw more aggressive gains, will their momentum accelerate? Find out from @ddubrovskyFX here:https://t.co/f5d7qs5j3z https://t.co/dhLJjkQEnx
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Gold: 0.12% Silver: 0.05% Oil - US Crude: -1.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/fb0rTb7U02
  • RT @BrendanFaganFx: AUD/USD Mixed as Retail Sales Surpass Expectations $AUD $USD Link: https://www.dailyfx.com/forex/market_alert/2021/04/21/AUDUSD-Mixed-as-Retail-Sales-Surpass-Expectations.html
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.16% 🇨🇦CAD: 0.05% 🇳🇿NZD: 0.02% 🇪🇺EUR: 0.01% 🇬🇧GBP: 0.00% 🇦🇺AUD: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/KHYBRYg6wf
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.46%, while traders in Wall Street are at opposite extremes with 66.19%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/VNFQudLmfc
  • #USDZAR looking incredibly interesting after breaching the neckline of a Double Top pattern A short-term bounce could be at hand but if 14.50 remains intact, a more extended push lower seems likely in the coming weeks $USDZAR https://t.co/1rHgmX4zyB
  • RT @KyleR_IG: "Retail sales rose 1.4 per cent in March" https://t.co/aM9vXo5s49 #ausbiz
  • 🇦🇺 Retail Sales MoM Prel (MAR) Actual: 1.4% Expected: 1% Previous: -0.8% https://www.dailyfx.com/economic-calendar#2021-04-21
  • 🇦🇺 Westpac Leading Index MoM (MAR) Actual: 0.38% Previous: 0.16% https://www.dailyfx.com/economic-calendar#2021-04-21
S&P 500 Technical Outlook: Back to the High or Lower High?

S&P 500 Technical Outlook: Back to the High or Lower High?

Paul Robinson, Strategist

S&P 500 Highlights:

  • Market sprinting higher following last Friday’s key reversal from the 200-day
  • Back to the high or lower high, is the question; should soon have an answer
  • Tactical considerations highlighted for longs & shorts

To view the longer-term technical and fundamental outlook for the S&P 500, or to see our top trade ideas for 2018, check out the DailyFX Trading Guides.

Heading into the week, the outlook for the S&P 500 and global stock markets as a whole looked positive on the heels of a strong turnabout in the U.S. on Friday. The reversal conveniently began from a tag of the 200-day MA.

Now that we’ve seen a strong bounce develop, the question is – is this just a recovery bounce before another leg lower, or can the market work its way back to the record high? The answer shouldn’t take relatively long to reveal itself as the market has already taken back more than half the sell-off from the Friday low.

We are arriving at the point where if the lower-high scenario is to unfold we should soon begin seeing upward momentum stall. However, if stalling momentum (if it does) doesn’t lead to a sharp break, and the advance continues much further from here then a new high becomes the more probable scenario. So, right now we are in a bit of limbo given where we are, but clarity may be just on the horizon.

Struggling with rising volatility? We’ve got a guide designed to help you – Building Confidence in Trading.

S&P 500 Daily Chart

S&P 500 daily price chart

From a tactical standpoint, the key-reversal off the 200-day offered a good signal for those looking to get long, and if one has solid pricing in their position it may be worth hanging out to see if the rally can’t continue. Fresh longs, though, at this juncture don’t look to hold the best risk/reward. As far as shorts are concerned, if a major lower high is to develop there will be time to position one’s self accordingly. In any event, volatility looks like its back, and for general trading that is a good thing.

If you’d like to listen in on live analysis pertaining to global equity indices (and commodities), you can join me every Tuesday at 10 GMT time for my technical insights.

Trader Resources

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---Written by Paul Robinson, Market Analyst

To receive Paul’s analysis directly via email, please SIGN UP HERE

You can follow Paul on Twitter at @PaulRobinsonFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES