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
Bullish
Oil - US Crude
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
Wall Street
Bullish
Gold
Bearish
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • Geopolitical risks impacting markets in the week ahead: #AUD May Fall on US-China Trade Deal Fears, #CrudeOil Eyes #OPEC Meeting- https://www.dailyfx.com/forex/fundamental/article/special_report/2020/07/13/AUD-May-Fall-on-US-China-Trade-Deal-Fears-Crude-Oil-Eyes-OPEC-Meeting.html
  • Have you been catching on your @DailyFX podcast "Global Markets Decoded"? Catch up on them now, before new episodes release! https://t.co/Twr44cZ1GB https://t.co/wSHeU7aRoX
  • 🇯🇵 Tertiary Industry Index MoM (MAY) Actual: -2.1% Previous: -7.7% https://www.dailyfx.com/economic-calendar#2020-07-13
  • 🇯🇵 Tertiary Industry Index MoM (MAY) Actual: -2.1% Previous: -6.0% https://www.dailyfx.com/economic-calendar#2020-07-13
  • 🇯🇵 Tertiary Industry Index MoM (MAY) Actual: -2,1% Previous: -6.0% https://www.dailyfx.com/economic-calendar#2020-07-13
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.93%, while traders in US 500 are at opposite extremes with 76.12%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/TRp6GF9snQ
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.32% 🇬🇧GBP: 0.27% 🇪🇺EUR: 0.24% 🇨🇭CHF: 0.16% 🇯🇵JPY: 0.09% 🇳🇿NZD: 0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/O81hxQPBpL
  • Heads Up:🇯🇵 Tertiary Industry Index MoM (MAY) due at 04:30 GMT (15min) Previous: -6.0% https://www.dailyfx.com/economic-calendar#2020-07-13
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: Germany 30: 1.31% France 40: 1.23% FTSE 100: 0.94% Wall Street: 0.64% US 500: 0.54% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/YSclbAH1mY
  • Brush up your knowledge on trade-wars with this tool from DailyFX research briefly outlining trade-war history dating back to the early 1900s here: https://t.co/ZWaL6laTU5 https://t.co/sBmNFhegO2
Dow Jones and S&P 500 Technical Outlook: Can They Keep on Going?

Dow Jones and S&P 500 Technical Outlook: Can They Keep on Going?

2020-06-02 12:30:00
Paul Robinson, Strategist
Share:

Dow Jones & S&P 500 Highlights:

  • S&P 500 trying to hold over 200, attack gap
  • Dow Jones trying to stay over 2016 trend-line

S&P 500 trying to hold over 200, attack gap

The U.S. stock market has recently continued its ascent towards higher levels, without too many significant bumps. The 200-day in the S&P 500 stood in the way, and while there may be some more volatility to come around it, thus far it hasn’t been a significant hurdle.

The March 4 gap-fill at 3130 looks like it could be next up. Beyond there the gap from 3337 down to 3257 that kicked off the corona meltdown from will be targeted should the first gap fill here soon. But before we get there the price action will need to continue to be relatively stable to keep things tilted in favor of longs.

Generally, it continues to make sense keeping an upward bias until evidence suggests otherwise. Given how far we have come things could change quickly, so while the outlook remains constructive would-be longs need to remain on the look-out for signs conditions could change.

Equities Forecast
Equities Forecast
Recommended by Paul Robinson
Are indices your thing? Check out the Mid-Q1 Forecast.
Get My Guide

S&P 500 Daily Chart (200-day/gap-fill)

S&P 500 daily chart

S&P 500 Chart by TradingView

The Dow Jones has been lagging a bit but has overcome its hurdle in the 2016 trend-line so far. This puts the 200-day at 26294 in focus as the next potential roadblock. Beyond there the March 4 gap at 27090 will be targeted.

A rip-roar rally might not develop, but just as is the case with the S&P as long as price action remains stable then longs should have the upper hand. It will take a sharp turn down that fails to bounce back to potentially switch gears towards a bearish outlook. Keep an eye on the trend-line off the March low as a potential point of support.

Dow Jones Daily Chart (2016 trend-line/gap-fill)

Dow Jones daily chart

Dow Jones Chart by TradingView

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

News & Analysis at your fingertips.