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
Bullish
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
Mixed
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • Heads Up:🇯🇵 Coincident Index Final (NOV) due at 05:00 GMT (15min) Expected: 89.1 Previous: 89.4 https://www.dailyfx.com/economic-calendar#2021-01-27
  • Heads Up:🇯🇵 Leading Economic Index Final (NOV) due at 05:00 GMT (15min) Expected: 96.6 Previous: 94.3 https://www.dailyfx.com/economic-calendar#2021-01-27
  • BoJ Governor Kuroda: - ETF purchases goal is to lower risk premium - ETF purchases not intended to raise stock prices - BBG
  • Natural gas is moving lower after weather models pointed to warmer-than-average temperatures across much of the US. Get your market update from @FxWestwater here:https://t.co/HuXPXu5PFU https://t.co/YCSGO04Aud
  • Crude oil prices are underpinned by an unexpected fall in US crude inventories, as well as a softening US Dollar. The API reported a substantial 5.27-million-barrel draw in crude inventories, far larger than the baseline forecast of a 0.43-million-barrel rise. https://t.co/F2bQ58LVHl
  • Commodities Update: As of 03:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.41% Gold: -0.19% Silver: -0.51% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/gyzo42h8OQ
  • (Sentiment Weekly) Canadian Dollar, Crude Oil Forecast: Will USD/CAD, WTI Fall as Long Bets Rise? (plus recording of today's webinar on IG Client Sentiment within the article below) https://www.dailyfx.com/forex/technical/article/special_report/2021/01/27/Canadian-Dollar-Crude-Oil-Forecast-Will-USDCAD-WTI-Fall-as-Long-Bets-Rise.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/hsw0vma7CL
  • Forex Update: As of 03:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.01% 🇬🇧GBP: -0.02% 🇪🇺EUR: -0.03% 🇦🇺AUD: -0.14% 🇳🇿NZD: -0.14% 🇨🇦CAD: -0.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Dc4gyvBsZb
  • Gold and silver prices may continue to rise in the coming months on the back of falling real rates of return and the prospect of additional fiscal support under a Biden administration. Get your market update from @DanielGMoss here:https://t.co/OMNoNHn2vZ https://t.co/PxfRaYC4Pj
  • China's Ministry of Industry and Information Technology releases measures aimed at accelerating the reduction of steel output - BBG
Dow Jones, S&P 500 Outlook – Watch How Price Action Unfolds in Down-move

Dow Jones, S&P 500 Outlook – Watch How Price Action Unfolds in Down-move

Paul Robinson, Strategist

Dow Jones, S&P 500 Highlights:

  • Dow Jones working its way back lower
  • S&P 500 struggling around broken bull market line

A few scenarios for the Dow & S&P to consider on weakness

Last week, the discussion was about whether the low was in for now, with the focus turning towards gap-fills on the top-side. While the big gap in the S&P from March 12 up to 2741 still looks likely to get filled at some point in the relatively near future, the question is how jagged the path to that level (maybe higher) will be.

The pullback in progress could end soon and a higher-low develop, a sort of half-test of the March low, if you will. But if momentum starts to pick up then the likelihood of getting a full retest of the 2191 low or worse quickly increases.

Ideally, on the move lower we get a sort of ‘jab-and-go’ where the market sharply turns back to the top-side in a manner that gives confidence that it has rejected lower levels. This could set up for another leg towards 2641 and then the first major gap-fill at 2741.

However, if momentum starts to pick up then we will want to see how price behaves on approach to the 2191 low. A rejection at that juncture could then constitute the retest that many are looking for, or, if it breaks a quick flush may happen as the market panics before reversing higher.

In any event, it appears we are near a low if it hasn’t already been put in, but trading is going to be a bit tricky. Traders need to remain flexible and ready to adjust their outlook quickly to rapidly-changing circumstances.

Equities Forecast
Equities Forecast
Recommended by Paul Robinson
Check out our stock market forecast.
Get My Guide

S&P 500 Daily Chart (retest or worse?)

S&P 500 daily chart, retest or worse

The Dow Jones is of course acting similarly since tagging the 2015 low as a bottom for now. Using the same template outlined about, 18213 is the big low to watch. On the top-side resistance clocks in at 22595 and then the March 12 gap-fill up to 23553.

Dow Jones Daily Chart (levels to watch)

Dow jones daily chart

Resources for Forex 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