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
Bearish
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
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
USD/JPY
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
More View more
Real Time News
  • Tokyo Governor Yuriko Koike asked central government to declare state of emergency -BBG
  • Recessions can devastate the economy and disrupt the fortunes of individuals, businesses, and investors. But economic decline in the business cycle is inevitable, and your trading can be defined by how you respond to crisis. learn how to prepare here: https://t.co/e4CnobJCss https://t.co/EXYkozlj21
  • 🇯🇵 Foreign Bond Investment (17/APR) Actual: ¥906.5B Previous: ¥1715.5B https://www.dailyfx.com/economic-calendar#2021-04-21
  • Heads Up:🇯🇵 Foreign Bond Investment (17/APR) due at 23:50 GMT (15min) Previous: ¥1714.4B https://www.dailyfx.com/economic-calendar#2021-04-21
  • Fitch Ratings: Australia-China Trade risks are mitigated by co-dependencies -BBG
  • There’s a strong correlation between interest rates and forex trading. Forex is ruled by many variables, but the interest rate of the currency is the fundamental factor that prevails above them all. Learn how interest rates impact currency markets here: https://t.co/J0EPMD2Cfi https://t.co/Ul5GRGiYXb
  • Australia nixes two Belt and Road related deals with China - Reuters
  • A good proxy for risk-on sentiment, AUD/JPY has pushed higher during trade. Of note, the pair bounced off the 50d SMA $AUDJPY https://t.co/r8KS1aoL23
  • If you missed today's webinar here is the recording alongside my silver price outlook - https://www.dailyfx.com/forex/market_alert/2021/04/21/Silver-Price-Forecast-XAGUSD-Ponders-Breakout-Alongside-Gold-Gains.html
  • SEC said to examine fund disclosure after Archegos blowup - BBG
S&P 500 Technical Analysis – Double Top or New Record?

S&P 500 Technical Analysis – Double Top or New Record?

Paul Robinson, Strategist

S&P 500 Highlights:

  • Will the S&P 500 double-top or trade to a new record?
  • Time for summer rally running out
  • How the market reacts up here vitally important

For longer-term trading ideas, Q3 forecasts, and a library of educational content – DailyFX Trading Guides

Will the S&P 500 double-top or trade to a new record?

The last time we looked at the S&P 500 in depth we noted support around the 2800-line, and indeed it held the market during its shallow pullback, giving the market a platform from which to launch higher. Now that the gap from January at 2853 is all but filled, record highs are just around the bend, or are they?

How the market reacts up here is quite important, as it’s been a fairly long journey to come full circle. It took two weeks to dismantle the market in Jan/Feb and now going on 6 months to recoup those losses. Not that this is anything new, stocks declining in sudden fashion and then taking a disproportionately long time to recoup losses, but it does bring in the possibility of seeing a big double-top or quick new high before the rug gets yanked again.

So, how price action plays out up here is indeed important. Time is running out for the summer rally as July draws towards a close. If we start to see volatility pick up, restlessness creep in, then we could at the least see the market pull back, if not start another round of material weakness as seasonality begins to turn decisively negative for longs.

We aren’t inclined to be bearish just yet as there isn’t anything suggesting the market can’t continue to go higher, but caution on new longs is certainly warranted as even a new record high could merely be a head-fake before a set-back unfolds, if not a lot worse.

Traders remain largely short the S&P 500, check out the IG Client Sentiment page to see how this acts as a contrarian indicator.

S&P 500 Daily Chart

S&P 500 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.

DISCLOSURES