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.

Free Trading Guides
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
Oil - US Crude
More View more
Real Time News
  • The Australian Dollar and New Zealand Dollar tend to rise with stocks. They have recently fallen despite gains in the #SP500. What does this mean for $AUDUSD and $NZDUSD ahead? #AUD #NZD #RBA #RBNZ - https://www.dailyfx.com/forex/fundamental/article/special_report/2020/01/17/AUDUSD-NZDUSD-Outlook-Looks-Past-Stocks-to-Rate-Cut-Bets.html?CHID=9&QPID=917702 https://t.co/ddf2fV7Kyl
  • A few snippets from today's commentary. Check out the link below for the full story (via @DailyFX). https://t.co/I31tuq764r https://t.co/x0BaiOFA1P
  • Have you joined @DailyFX @facebook group yet? Discuss your #forex strategies and brush up on your skills with us here: https://t.co/jtY1G7g8yx https://t.co/e2YrN3dBrl
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 98.00%, while traders in France 40 are at opposite extremes with 79.59%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/UL7hqSD2Ki
  • US Dollar Forecast: $USD Lacking Impetus Ahead of Consumer Sentiment #Forex traders shift focus away from US-China trade deal headlines - perhaps toward the monthly release of #ConsumerSentiment data for volatility and clues on the Greenback's next move https://www.dailyfx.com/forex/fundamental/us_dollar_index/usd_trading_today/2020/01/16/us-dollar-forecast-usd-lacking-impetus-ahead-of-consumer-sentiment.html
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.11% 🇦🇺AUD: -0.02% 🇯🇵JPY: -0.03% 🇨🇭CHF: -0.05% 🇬🇧GBP: -0.06% 🇨🇦CAD: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Kxcb9EtIWb
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.45% France 40: 0.26% Wall Street: 0.07% US 500: 0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/I5YIsKQAog
  • 🇯🇵 JPY Tertiary Industry Index (MoM) (NOV), Actual: 1.3% Expected: 1.0% Previous: -5.2% https://www.dailyfx.com/economic-calendar#2020-01-17
  • The $JPY has weakened as a bounce-back in risk appetite saps haven-asset demand. However, the old uptrend line still provides clear resistance. Get your market update from @DavidCottleFX HERE:https://t.co/IMhgQ9jbF9 https://t.co/I7087olftk
  • Heads Up:🇯🇵 JPY Tertiary Industry Index (MoM) (NOV) due at 04:30 GMT (15min), Actual: N/A Expected: 1.0% Previous: -4.6% https://www.dailyfx.com/economic-calendar#2020-01-17
S&P 500 and Nasdaq 100 Charts – Amazon, Google Earnings Weigh Today

S&P 500 and Nasdaq 100 Charts – Amazon, Google Earnings Weigh Today

2018-10-26 08:14:00
Paul Robinson, Currency Strategist

S&P 500/Nasdaq 100 Technical Highlights:

  • S&P 500 and Nasdaq 100 below critical trend support
  • Yesterday looks to have just been a retest
  • Amazon and Google continue FAANG weakness

With global stocks falling sharply, see how recent events fit into our outlook for the remainder of the year in the Q4 Global Equities Forecast.

S&P 500 and Nasdaq 100 below critical trend support

This week both the S&P 500 and Nasdaq 100 broke the significant combination of trend-line support from 2016 and 200-day MAs. The confluence between the two is something I have been watching as a bull market line-in-the-sand. Stay above and everything is ‘ok’, break below and much bigger trouble could be in store in the short-term term and looking out further.

The S&P already broke the trend-line a couple of times recently, but there was a channel extending higher from earlier in the year that still gave it some life. But with both the long-term trend-line and 2018 channel lines broken, looking lower support doesn’t arrive until around the Feb/March lows in the area of 2553/32.

Retail traders have been covering their shorts into the sell-off, see the IG Client Sentiment page for details as to what this may mean.

S&P 500 Daily Chart (below trend thresholds)

s&p 500 daily chart, below trend thresholds

The Nasdaq 100 joined in on the break of trend support this week too, and as discussed in early September this is a very important index because of ‘FAANG’, the bull market darlings, which makes up a large portion of the NDX. So goes FAANG goes the NDX goes the whole market.

Just after yesterday’s close Amazon (AMZN) and Alphabet/Google (GOOG/GOOGL) reported better than expected earnings, but the former missed on revenue and guidance while the latter also beat earnings estimates but reported weaker than expected revenues. This hit both stocks and the Nasdaq 100 futures by about 150 handles, or 2%.

It looks as though the bounce yesterday was nothing more than a retest of the broken trend-line/200-day combo. This week’s break and retest comes amidst a decline out of a large rising wedge on the weekly chart. Focus is on the lower portion of the pattern near the Feb/April lows in the 6325/6160 vicinity.

Nasdaq 100 Daily Chart (Retest of broken trend support)

ndx daily chart, retest of broken trend support

Nasdaq 100 Weekly Chart (Rising wedge in effect)

Nasdaq 100 weekly chart, rising wedge in effect

You can join me every Tuesday at 9 GMT for live analysis on equity indices and commodities, and for the remaining roster of live events, check out the webinar calendar.

Tools for Forex & CFD Traders

Whether you are a beginning or experienced trader, DailyFX has 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.


News & Analysis at your fingertips.