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
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
Bearish
Gold
Bearish
GBP/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
USD/JPY
Bearish
More View more
Real Time News
  • Fed's Kaplan: - Expecting above trend growth for 2021 - Local and state governments need grants, not loans from Fed - Dow Jones via BBG
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.23%, while traders in NZD/USD are at opposite extremes with 66.26%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/TLR8MDhm9L
  • $USD $DXY | US Dollar Ripping Higher as Markets Swoon Link to Analysis via @DailyFX - https://www.dailyfx.com/forex/market_alert/2020/09/21/usd-price-outlook-us-dollar-ripping-higher-as-markets-swoon.html #FX #Forex #Trading https://t.co/sVaB9lrjxu
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Gold: -2.40% Oil - US Crude: -4.81% Silver: -8.30% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/bO6biPyCKp
  • UK COVID alert level has moved from level 3 to level 4
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: -0.14% 🇨🇭CHF: -0.56% 🇨🇦CAD: -0.70% 🇬🇧GBP: -0.93% 🇦🇺AUD: -1.14% 🇳🇿NZD: -1.44% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/GIoEwFiMLN
  • The DXY continues to build on a rebound off long-term uptrend support and the Majors are poised for some decent moves this week. Get your #DXY market update from @MBForex here: https://t.co/bjbs0gYT6I https://t.co/0OapScLca9
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: France 40: 0.50% Germany 30: 0.49% FTSE 100: 0.32% US 500: -2.12% Wall Street: -2.95% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/nultu65SC6
  • UK PM Johnson is to announce a 10pm closing time for pubs tomorrow, according to the Sun
  • NI First Minister says local COVID 19 restrictions currently in place will apply to the whole of Northern Ireland from Tuesday
S&P 500 Technical Analysis: US Stocks Resuming Down Move?

S&P 500 Technical Analysis: US Stocks Resuming Down Move?

2020-05-05 03:30:00
Ilya Spivak, Head Strategist, APAC
Share:

S&P 500 TECHNICAL OUTLOOK: BEARISH

  • S&P 500 breaks trend line support, warns selloff is resuming
  • Foothold above 3027.75 needed to neutralize selling pressure
  • Trader sentiment studies warn bearish pivot may be brewing

The S&P 500 is attempting to re-engage the downtrend started in late February courtesy of the Covid-19 coronavirus outbreak. A false start a week agoended fruitlessly but sellers are trying to retake momentum once again with a break of trend line support guiding the bellwether stock index’s recovery from late-February lows, where it found a bottom as the Fed leaned in against a would-be credit crisis.

From here, breaking below initial support at 2726.50 on a daily closing basis looks likely to expose the 2603-26 price inflection zone next. Beyond that, the spotlight turns to the December 2018 low at 2316.37, followed by the 2020 bottom at 2174. Neutralizing the near-term bearish bias seems to require prices to reclaim a foothold above resistance in the 3023.50-27.75 area.

S&P 500 stock index price chart - daily

Daily S&P 500 chart created with TradingView

S&P 500 TRADER SENTIMENT

Retail sentiment data shows 72.67% of traders are net-short, with the short-to-long ratio at 2.66 to 1. IG Client Sentiment (IGCS) is typically used as a contrarian indicator, so the skew in current positioning suggests that the S&P 500 is biased upward. However, the tilt in sellers’ favor has narrowed compared with yesterday and a week ago, hinting that a reversal in the opposite direction may be in the works.

S&P 500 price, trader sentiment

See the full IGCS sentiment report here.

How to Use IG Client Sentiment in Your Trading
How to Use IG Client Sentiment in Your Trading
Recommended by Ilya Spivak
Improve your trading with IG Client Sentiment Data
Get My Guide

S&P 500 TRADING RESOURCES

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

To contact Ilya, use the comments section below or @IlyaSpivak on Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES