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
EUR/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
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • White House Chief of Staff Mark Meadows says Speaker Nancy Pelosi is ready to do a stimulus deal -BBG $SPX $DJI $NDX $USD $XAU
  • Relatively quiet Canadian economic calendar through the end of October will leave CAD-crosses particularly exposed to broader risk trends, especially those in stocks and oil markets. Get your $USDCAD market update from @CVecchioFX here:https://t.co/kpUQTaO6rm https://t.co/tcmSJh9B8d
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.32% 🇨🇦CAD: 0.05% 🇦🇺AUD: -0.00% 🇯🇵JPY: -0.28% 🇪🇺EUR: -0.34% 🇬🇧GBP: -0.50% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/XWscJjWQHq
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.02% Gold: -1.05% Silver: -1.40% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/ySjnrTUWnk
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.54%, while traders in EUR/USD are at opposite extremes with 72.12%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/tyXcZZL0qf
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.39% France 40: 0.32% FTSE 100: 0.26% US 500: 0.01% Wall Street: 0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/ljSeRVDbh8
  • Gilead Sciences receives FDA approval for Remdesivir - BBG
  • $GILD | Gilead Sciences receives FDA approval for coronavirus treatment remdiesivir
  • https://t.co/WnuPTDjq0J
  • Can bulls continue to push? While the bullish theme in Gold remains on hold, buyers haven’t been so bashful around Bitcoin. Get your $btc technical analysis from @JStanleyFX here:https://t.co/yLoAnTe6Py https://t.co/HD2spNq4FC
Dow Jones, S&P 500 & Nasdaq 100 Charts: Holding Above Support

Dow Jones, S&P 500 & Nasdaq 100 Charts: Holding Above Support

2019-09-26 11:00:00
Paul Robinson, Strategist
Share:

U.S. Indices Technical Outlook:

  • S&P 500 maintaining above an earlier month gap
  • Dow Jones is holding up beast, building a bull-flag
  • Nasdaq 100 rejects breakdown at Dec trend-line

Looking for trade ideas and educational content? Check out the DailyFX Forecasts and Trading Guides.

S&P 500 very close to record, 2018 t-line

The S&P 500 turned lower in an aggressive fashion on Tuesday, but was able to bounce back with some force yesterday. Yesterday’s bounce began from right around the top of the September 5 gap and retest of it on Sep 10.

The hold of the gap will be the first line of support to continue to watch, with the gap-fill and top of the August range around the 2938 level as the next sizable area of support. Rising up not too far beneath gap/range support is the December trend-line which the Nasdaq 100 rejected forcefully yesterday.

For now, the pullback has been gradual and suggests with support holding that the market wants to try and make a move higher. On further strength the record high at 3028 will be the next level of significant resistance, with the January 2018 trend-line running over around 3045. Even if the market trades to new highs this might put in yet another cap.

Check out the IG Client Sentiment page to see how retail traders are positioned and what it could potentially mean for various currencies and markets moving forward.

S&P 500 Daily Chart (bullish pullback so far)

Dow Jones, S&P 500 & Nasdaq 100 Charts: Holding Above Support

S&P 500 Chart by Tradingview

The Dow has been holding up well, building a bull-flag that looks ready to trigger soon. The drop on Tuesday, reversal higher yesterday may be the end of the pattern's development. On a break higher watch the record high at 27398 and the January 2018 trend-line running over in the 27400s. These levels/lines are in near confluence so that could be a meaningful area up there.

Dow Jones Daily Chart (bull-flag)

Dow Jones, S&P 500 & Nasdaq 100 Charts: Holding Above Support

Dow Jones Chart by Tradingview

The Nasdaq 100 very nearly triggered the big-picture rising wedge this week until it bounced yesterday with a decent amount of force. The rejection at the December trend-line further cements its importance moving forward.

For now, must continue to respect support, with a close below 7467 needed to break it. Otherwise the outlook is neutral to bullish. The NDX may spend more time filling out the rising wedge in the weeks ahead, but despite a solid tone for now that could quickly change if the rising wedge does eventually trigger.

Nasdaq 100 Daily Chart (Dec t-line, bottom of wedge is big support)

Dow Jones, S&P 500 & Nasdaq 100 Charts: Holding Above Support

Nasdaq 100 Chart by Tradingview

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