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
Oil - US Crude
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
Wall Street
Bullish
Gold
Bearish
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • Fed's Rosengren says the #Fed has been clear that negative interest rates are unlikely to be used
  • Back from vacation and back on schedule Going live for today's stock market webinar in 10 minutes - https://t.co/rmwDABTiN2 https://t.co/oC3Igu2muT
  • I've seen three more headlines today suggesting that there is significant money still on the sidelined despite the climb in markets. Is the assumption that some small tech milestone or new headline would excite investors to pay record amounts to get into a stretched market?
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.57% 🇪🇺EUR: 0.41% 🇨🇦CAD: 0.40% 🇳🇿NZD: 0.14% 🇬🇧GBP: -0.16% 🇯🇵JPY: -0.43% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/3mZjwCXcwc
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 2.39% France 40: 1.37% US 500: 1.29% Germany 30: 1.14% Wall Street: 0.97% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/3rljxp4YdZ
  • Heads Up:🇺🇸 Fed Kaplan Speech due at 15:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-08-12
  • Poll: What do you think set off Gold's sharp tumble yesterday - its largest single-day plunge since the April 2013 crash? Answering this question for yourself can help you decide whether this is a temporary waver or the impetus for a new trend.
  • Uber CEO says a temporary shutdown in California is possible according to CNBC $UBER stock price largely indifferent thus far
  • 🇺🇸 EIA Cushing Crude Oil Stocks Change (07/AUG) Actual: 1.336M Previous: 0.532M https://www.dailyfx.com/economic-calendar#2020-08-12
  • 🇺🇸 EIA Distillate Stocks Change (07/AUG) Actual: -2.322M Expected: 0.357M Previous: 1.592M https://www.dailyfx.com/economic-calendar#2020-08-12
Dow Jones Chart ‘Triangulating’, S&P 500 Has Eyes for New Highs?

Dow Jones Chart ‘Triangulating’, S&P 500 Has Eyes for New Highs?

2018-07-13 08:16:00
Paul Robinson, Strategist
Share:

S&P 500/Dow Highlights:

  • S&P 500 close to best levels since early February, new highs not far away
  • Dow Jones has a broad triangle in the works, lagging behind

For longer-term trading ideas, Q3 forecasts, and a library of educational content, check out the DailyFX Trading Guides.

S&P 500 close to best levels since early February, new highs not far away

In recent webinars and posts, we’ve been discussing the precarious positioning of global equity markets, with the S&P 500 looking headed for a fourth test of the Feb 2016 trend-line/200-day combo, and it’s higher than usual likelihood of a failure should the test take shape.

Staving off those concerns was last month’s ability to narrowly escape the test, finding buyers before the major dual trend support could bring the longs’ resolve under fire. The turn higher has us in a bit of a summer rally mode, and with a breakout above 2802 the potential to see the old record high at 2872.

A breakout above the early February level won’t assure an easy ride to new highs, though, if that is where we’re indeed headed. This time of year, minus any real fireworks (so far trade war fears have only brought spats of volatility), can bring a lack of excitement, or summer doldrums.

If we are to see a rise in volatility market participants will need a good reason to go on the scramble, and the breaking of the aforementioned bull market threshold would probably do the trick. Until then, though, the market may not go into rip-roar mode, but it looks headed to at least maintain a bid.

Check out this guide for 4 ideas for Building Confidence in Trading

S&P 500 Daily Chart (Can it break higher here?)

S&P 500 daily chart, can it break higher here towards old highs?

Dow Jones has a broad triangle in the works, lagging behind

The Dow Jones remains a laggard, as both the Nasdaq 100 and Russell 2k lead the way among other major U.S. indices not called the S&P 500. The Dow has been coiling up since the top in January, and while it’s not the clearest pattern in terms of symmetry (one can even make the case for a wedge starting in late-Feb, too), the contraction in price action suggests the market may go through an increasingly quiet period before making a break for it.

Dow Daily Chart (Wedging up)

Dow Jones daily chart wedging up

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.

DISCLOSURES

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.