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
More View more
Real Time News
  • EUR/USD attempts to halt a five day decline as the Federal Reserve sticks to the sidelines. Get your market update from @DavidJSong here:
  • US Markit Composite PMI for September fell to 54.5 from 55.4, whereby the services and manufacturing figures fell to 54.4 and 60.5 respectively, both missing analyst estimates. Get your market update from @JMcQueenFX here:
  • S&P 500, Nasdaq Rally After the Fed; 10 Year Yield to Two-Month-Highs
  • #Bitcoin Outlook: $BTCUSD Bounce From 40K, Fake-out or Shake-out? -
  • While JPY gets clobbered, CHF decides to turn a blind eye to yields $CHF
  • The surprise 100 basis point cut from the Turkish central bank (to 18%) generated the expected pressure for $USDTRY. That said, I don't think it was the market that decided the momentum should die out at 8.8000 again...
  • surprised that $NQ is holding up so well with what rates are doing. 10 year yield at a 2 month high, $Nasdaq still holding resistance at prior support
  • The S&P 500 has recovered all the ground it lost at the start of the week and the Dollar has slumped post FOMC and PMIs. DailyFX's @JohnKicklighter gives a brief overview of the market for Thursday!
  • The future taper isn't enough to urge the Dollar to a critical bullish break. In turn, $EURUSD has reversed shy of of August's trough and keeps in play an inverse head-and-shoulders pattern with a neckline at 1.19
S&P 500 and Dow Charts Continue to Make Good on Bullish Sequences

S&P 500 and Dow Charts Continue to Make Good on Bullish Sequences

Paul Robinson, Strategist

S&P 500/Dow Highlights:

  • S&P 500 another higher-high, 2800+ looks to be in store
  • The Dow is lagging behind, but similar price sequence

See what factors have been driving the S&P 500 and find out how our Top Trading Opportunities for 2018 are performing YTD – DailyFX Trading Guides

S&P 500 another higher-high, 2800+ looks to be in store

Last week, when discussing the S&P 500 this was what we had to say in regard to the tone of the market, “Overall, the market has a semi-positive feel to it at the moment with a couple of recent gap-downs not leading to follow-through selling, as buyers are showing a willingness to step in on weakness.”

The level to watch for a breakout was 2742, which was cleared earlier this week to set up for a possible run to 2800+. There was a potentially bearish scenario discussed in Tuesday’s webinar, with the possible development of a rising wedge and drop from there. However, yesterday’s rally has that notion all but gone. If the market is to turn bearish it likely won’t be as a result of that pattern as long as today we don’t see a swift turnabout in favor of sellers.

From here to 2801 there isn’t anything standing in the way, making it the next short-term objective. It could pull back from that point, but we’ll worry about that upon arrival of that level. If the Nasdaq 100 and Russell 2000 are any indications (both at record highs), the S&P may be on its way to making a new record of its own at some point. To cast doubt on the upside, a break of the trend-line off the May low will be needed to undermine the current bullish sequence.

Confidence is key, check out this guide for 4 ideas on Building Confidence in Trading

S&P 500 Daily Chart

S&P 500 daily chart

The Dow is lagging behind, but similar price sequence

The Dow Jones has been the laggard of the bunch, most closely resembling the price action in the S&P 500. It’s yet to clear itself of the wedge scenario, but if the market keeps on going it won’t be long before it does. Levels to watch on the top-side are 25450, then 25808. To turn the outlook neutral to negative, a break below the May trend-line at this time will be needed.

Dow Daily Chart

Dow daily chart

If you’d like to listen in on live technical analysis on global equity indices (and commodities), join me every Tuesday at 9 GMT time.

Resources for Forex & CFD Traders

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

You can follow Paul on Twitter at @PaulRobinsonFX

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