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.

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
More View more
Real Time News
  • 🇲🇽 Unemployment Rate (AUG) Actual: 4.3% Expected: 4.4% Previous: 4.4% https://www.dailyfx.com/economic-calendar#2021-09-28
  • $GBPUSD dipping below 1.3600 - $EURGBP back towards 0.8600 https://t.co/zdezlHB3VL
  • Heads Up:🇲🇽 Unemployment Rate (AUG) due at 11:00 GMT (15min) Expected: 4.4% Previous: 4.4% https://www.dailyfx.com/economic-calendar#2021-09-28
  • Heads Up:🇧🇷 BCB Copom Meeting Minutes due at 11:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-09-28
  • The non-farm payroll (NFP) figure is a key economic indicator for the United States economy. It is also referred to as the monthly market mover. Find out why it has been given this nickname here: https://t.co/yOUVEEqhc5 https://t.co/VWpQJflwqb
  • USD approaching YTD high (93.73) Factors supporting USD - Yields picking up - Risk appetite weaker - Corporate month end, typically USD positive https://t.co/MOjs8VqRav
  • China State Grid says will strictly control power consumption by high-energy consuming polluting sectors - Will closely monitor supply of thermal coal, hydro and wind power
  • Citi lowers China 2022 GDP forecast 4.9% from 5.5%, citing expected spillover from managed Evergrande restructuring
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/8p6STxmVC6
  • Spooz sub 50-DMA again. There’s been some selling overnight during the European sessions yesterday and today. Sure hope this doesn’t shape up into a H&S topping pattern, but has anyone else noticed lower highs and lower lows forming? 👀 $SPX $ES #SP500 https://t.co/Bf3Icn2T2H https://t.co/vf8jgtVstk
S&P 500 at Resistance, Dow Jones & Nasdaq 100 Charts Showing Divergence

S&P 500 at Resistance, Dow Jones & Nasdaq 100 Charts Showing Divergence

Paul Robinson, Strategist

S&P 500/Dow Jones/Nasdaq 100 Technical Highlights:

  • S&P 500 is trading at strong resistance
  • Dow Jones demonstrating relative weakness
  • Nasdaq 100 new cycle high, leading the way

Check out the forecasts for Global Stock Indices and other markets on the Trading Guides page.

S&P 500 is trading at strong resistance

The S&P 500 is trading at big resistance via the 2800/17 zone, where on repeated occasions last year the market turned lower. It recently turned lower from this zone as well after reaching to the upper-bounds of it. In confluence with price is the lower parallel of a recently broken channel.

If the current push higher fails it may turn into a double-top or the top of a trading range down to perhaps the recent low of 2722. In either event, resistance must be respected as such until we see a breakout.

Given the significance of resistance and lack thereof after 2817, a closing breakout is seen as probable to take the market up to the record high or better. But at this time the general feeling is that we need a bit more information before drawing any concrete conclusions as to what the next maneuver should be…

Stocks are rallying, but will it last in the long-term? Find out where our analysts see stocks headed in the Global Equities Forecast.

S&P 500 Daily Chart (2800/17 is strong resistance)

S&P 500 daily chart, 2800/17 is strong resistance

Dow Jones demonstrating relative weakness

The Dow is showing glaring divergence on the back of Boeing (BA) getting hammered following another crash of one its 737 jets. While this might be a reason to excuse the Dow of divergence, it nevertheless shows relative weakness and may be a sign of fracturing in breadth. At the least, it gives traders a target for shorting should we see the S&P start to roll over from resistance. If the S&P breaks out look for the Dow to follow suite back through the 26k+ territory that it turned down from not long ago.

Dow Daily Chart (relative weakness)

Dow daily chart, relative weakness

Nasdaq 100 new cycle high, leading the way

The Nasdaq 100 and its basket of bull market darlings (FAANG) are showing the most strength and this may be a sign that the S&P will break on through to the other side. For traders targeting longs on a broader market breakout, this is the go-to index for now.

Nasdaq 100 Daily Chart (leading the way)

Nasdaq 100 daily chart, leading the way

To learn more about U.S. indices, check out “The Difference between Dow, Nasdaq, and S&P 500: Major Facts & Opportunities.” You can join me every Wednesday at 10 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.

DISCLOSURES