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
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
Mixed
Wall Street
Mixed
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Bullish
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
  • 🇨🇭 Unemployment Rate (FEB) Actual: 3.6% Previous: 3.7% https://www.dailyfx.com/economic-calendar#2021-03-08
  • USD/HKD edged higher as stock market melted down.. Capital outflow? https://t.co/isRXrgVIlv
  • Heads Up:🇨🇭 Unemployment Rate (FEB) due at 06:45 GMT (15min) Previous: 3.7% https://www.dailyfx.com/economic-calendar#2021-03-08
  • 🇯🇵 Eco Watchers Survey Outlook (FEB) Actual: 51.3 Previous: 39.9 https://www.dailyfx.com/economic-calendar#2021-03-08
  • Gold, Crude Oil Price Forecast: Edging Higher on the Back of Stimulus, Saudi Oil Facility Attack https://www.dailyfx.com/forex/market_alert/2021/03/08/Gold-Crude-Oil-Price-Forecast-Edging-Higher-on-the-Back-of-Stimulus-Saudi-Oil-Facility-Attack.html https://t.co/ZXrwjTaK3W
  • 🇯🇵 Eco Watchers Survey Current (FEB) Actual: 41.3 Previous: 31.2 https://www.dailyfx.com/economic-calendar#2021-03-08
  • Consolidation or bull flag? A bull flag is a continuation pattern that occurs as a brief pause in the trend following a strong price move higher. Learn how to better spot these formations here: https://t.co/yOEvLjKnct https://t.co/ZdQnb2WoEc
  • Heads Up:🇯🇵 Eco Watchers Survey Outlook (FEB) due at 06:00 GMT (15min) Previous: 39.9 https://www.dailyfx.com/economic-calendar#2021-03-08
  • Heads Up:🇯🇵 Eco Watchers Survey Current (FEB) due at 06:00 GMT (15min) Previous: 31.2 https://www.dailyfx.com/economic-calendar#2021-03-08
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.46%, while traders in France 40 are at opposite extremes with 76.00%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/7GEejdJ4ZR
Dow Jones, S&P 500, Nasdaq 100: Weakness Brings Support into Play

Dow Jones, S&P 500, Nasdaq 100: Weakness Brings Support into Play

Paul Robinson, Strategist

US Indices Technical Outlook:

  • S&P 500 declined into important slope support
  • Dow also traded down to the Jan 2018 trend-line
  • Nasdaq 100 pulling back to a lesser degree of support

See where our analysts see the stock market heading in the Q4 Equity Market Forecast.

S&P 500 declined into important slope support

The S&P 500 came off hard on Monday and then gapped lower yesterday after having put together an extremely persistent for the two-months prior. But how will the market respond from here? Yesterday’s gap down and reversal suggests there may be some short-term upside.

The reversal itself was of interest, but the fact that it came at an important long-term threshold is what gives it some real weight. The January 2018 trend-line crossing over highs in September 2018 and July of this year is viewed as a fairly significant line given its connecting points and influence over the summer.

If the market can hold onto yesterday’s low at 3070, or even if it trades a little beneath but still holds onto the slope from early 2018, then weakness may turn out to be one of the year’s last dips before completing a strong performing year.

If, however, a response from around current levels is lacking in power, then a weak attempt to quickly reverse losses could be indicating a decline of meaning has begun. A decline below the 2018 slope would quickly have 3025, the summer high, in focus, as well as the trend-line from December of last year and May of this year.

S&P 500 Daily Chart (Jan 2018 slope in play)

S&P 500 daily chart, jan 18 slope in play

S&P 500 Chart by TradingView

Dow also traded down to the Jan 2018 trend-line

The Dow Jones Industrial Average slipped just below the similar 2018 threshold as seen in the S&P 500. It did manage yesterday well to close off the lows, but the two losses were still rather significant given recent price action. How the market responds from here will be telling; pop back with force or put together a weak series of sessions where the market either moves sideways or worse. A failure to mount a quick recovery could set up the Dow for more losses should it continue to then drop below the January 2018 slope.

Dow Jones Daily Chart (2018 slope support)

Dow Jones Daily Chart, 2018 slope support

Dow Jones Chart by TradingView

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.

Nasdaq 100 holding up on a top-side trend-line

The Nasdaq 100 declined below the April slope making up the top crust of an ascending wedge, but did find support via the trend-line running over from September of last year, a line that also makes up the top part of an even larger wedge.

A decline below the Tuesday low at 8167 could have in play the trend-lines from December of last year and June of this year. A hold of support after gapping lower and thrusting higher, could lead to a new high or congestion phase if a run to end the year is in the cards. In wait-and-see mode at the moment.

Nasdaq 100 Daily Chart (Sep ’18 slope)

Nasdaq 100 daily chart, sep '18 slope, top of wedge

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 1030 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