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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
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
Wall Street
More View more
Real Time News
  • #NOK, #NZD and #AUD are expected to be the most volatile G10 currencies vs USD over the next week with implied volatilities of 15.48, 11.48 and 10.91, respectively.
  • Join @DanielGMoss's #webinar at 9:45 PM ET/1:45 AM GMT for live date coverage of the #RBNZ rate decision here:
  • The US Dollar, British Pound, and Euro will all be closely watching key geopolitical developments in North America (Powell testimony), the UK (Brexit talks) and Europe (EU summit). Get your market update from @ZabelinDimitri here:
  • Gold and silver are at risk of extending their slide from monthly highs as the lack of additional fiscal stimulus and rising geopolitical tensions underpin USD. Get your market update from @DanielGMoss here:
  • #Nasdaq 100 Recovering? Biden-Trump #Election2020 Betting Spread Widens⬇️
  • Join @ddubrovskyFX 's #webinar at 8:00 PM ET/00:00 PM GMT to find out what information you can gain from knowing what other traders are buying or selling. Register here:
  • The US Dollar is struggling against ASEAN currencies despite weakness in the S&P 500. Capital remains flowing into emerging markets, keeping USD under pressure, could this change? Find out from @ddubrovskyFX here:
  • Retail CFD traders have poked their head back into net bullish territory - an uncommon territory - in their net positioning for the $DJIA (Wall Street). Skeptical of a breakdown it seems
  • The Nasdaq 100-tracking QQQ ETF saw more than -$3.4 billion leave its coffers on Friday. Get your #Nasdaq market update from @PeterHanksFX here:
  • The $QQQ ETF recently saw its largest outflow, followed by its largest inflow since October 2000 What does this mean for the Nasdaq? Read more -
S&P 500 Technical Outlook: SPX500 Rally at Key Resistance Hurdle

S&P 500 Technical Outlook: SPX500 Rally at Key Resistance Hurdle

2020-05-05 17:00:00
Michael Boutros, Strategist

S&P 500 Index Technical Price Outlook: SPX500 Near-term Trade Levels

The S&P 500 Index surged nearly 4% off Monday’s low with the advance taking price back into a critical resistance zone we’ve been tracking for weeks now. These are the updated targets and invalidation levels that matter on the SPX500 technical price charts. Review my latest Weekly Strategy Webinar for an in-depth breakdown of this S&P 500 trade setup and more.

Starts in:
Live now:
Sep 28
( 12:09 GMT )
Live Weekly Strategy Webinars on Mondays at 12:30GMT
Weekly Scalping Webinar
Register for webinar
Join now
Webinar has ended

S&P 500 Price Chart – SPX500 Daily

S&P 500 Price Chart - SPX500 Daily - Trade Outlook - SPX Technical Forecast

Chart Prepared by Michael Boutros, Technical Strategist; S&P 500 Index on Tradingview

Technical Outlook: In my last S&P 500 Price Outlook we noted that the SPX rally had, “extended into a pivotal resistance barrier and the immediate focus is on a reaction up here with the bulls at risk sub-2930 near-term.” A false breakout on April 29th quickly reversed with the index pulling back into the 23.6% retracement of the mid-March rally at 2786 before rebounding.

The recovery is now once again approaching critical resistance at 2890-2932 – a region defined by May open, 100% extension of the advance off the yearly low and the 61.8% retracement of the 2020 range. A breach / close above this threshold is still needed to unleash the next leg higher in SPX towards the August 2019 highs at 3026. A break below Fibonacci support would risk a larger price correction with subsequent objectives at 2670.

S&P 500 Price Chart – SPX500 120min

S&P 500 Price Chart - SPX500 120min - Trade Outlook - SPX Technical Forecast

Notes: A closer look at S&P 500 price action shows the index approaching initial resistance here at the Monthly open / 61.8% retracement of the recent decline at 2890/98- look for a reaction here today. A breach keeps the focus on proposed pitchforkresistance / 2018 high-day close at 2929/32- near-term bearish invalidation. Initial support steady at 2818 with a break below 2777/86 needed to fuel the next leg lower in price.

Equities Forecast
Equities Forecast
Recommended by Michael Boutros
Get Your Free Equities Forecast
Get My Guide

Bottom line: The S&P 500 rebound is approaching key resistance at a range which has already offered a false breakout- use caution here. From a trading standpoint, a good zone to reduce long-exposure / raise protective stops – look for possible topside exhaustion while within this formation / sub-2932 IF price is heading lower with a break of the weekly opening-range lows to validate a larger correction. Ultimately, a breach / close above would be needed to mark resumption of the broader uptrend.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

S&P 500 Trader Sentiment – SPX500 Price Chart

S&P 500 Trader Sentiment - SPX500 Price Chart
  • A summary of IG Client Sentiment shows traders are net-short the index - the ratio stands at -2.63 (27.58% of traders are long) – bullishreading
  • Long positions are 6.70% higher than yesterday and 15.15% higher from last week
  • Short positions are 6.24% lower than yesterday and 2.12% lower from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests US 500 prices may continue to rise. Yet traders are less net-short than yesterday and compared with last week. From a sentiment standpoint, the recent changes in positioning warn that the current S&P 500 price trend may soon reverse lower despite the fact traders remain net-short.
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -4% 10% 3%
Weekly 7% -3% 1%
What does it mean for price action?
Get My Guide


Active Trade Setups

- Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex

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