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. See our updated Privacy Policy here.

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
More View more
Real Time News
  • The Dow Jones and S&P 500 appear to be vulnerable as retail traders continue to buy into their pullbacks. This is shown via IGCS, which is typically a contrarian indicator. Get your market update from @ddubrovskyFX here:https://t.co/DsbgWvDNP6 https://t.co/xZpbBYE7Dc
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/CxTBAFGAPD
  • GBP/USD extends the advance following the US Consumer Price Index (CPI) to trade to a fresh monthly high (1.3773). Get your $GBPUSD market update from @DavidJSong here:https://t.co/DwKsABI9fZ https://t.co/6wni0J5ZM5
  • RT @Live_News_Nick: #Bitcoin https://t.co/WD6Sb5lkc8
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.55% 🇳🇿NZD: 0.52% 🇨🇦CAD: 0.06% 🇨🇭CHF: 0.03% 🇪🇺EUR: 0.02% 🇯🇵JPY: -0.51% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/ZWwEzFX2bY
  • The S&P 500 closed out the week in style, making a clear break above trendline resistance. Eyes now shift to the bulk of earnings season $SPX $SPY $ES_F https://t.co/4igMPafh0q
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.20% Silver: -0.83% Gold: -1.60% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/iKG3lJuWba
  • RT @EricBalchunas: The deed is done. Home free… $BITO https://t.co/Qf3U9quSfy
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.71%, while traders in GBP/JPY are at opposite extremes with 79.19%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/OyMnOH8EOa
  • The past few weeks we have regularly mentioned that the SEC is likely to look kindly upon the few Bitcoin futures-based ETFs applications in its pending tray. Get your $btc market update from @nickcawley1 here:https://t.co/1XBRPL8IlD https://t.co/IKr70qAcDn
Dow Jones and S&P 500 Outlook: The Last Big Gap to Fill

Dow Jones and S&P 500 Outlook: The Last Big Gap to Fill

Paul Robinson, Strategist

Dow Jones & S&P 500 Highlights:

S&P 500 has on more gap to fill before highs

U.S. stocks keep on chugging along with little resistance, only hiccups here and there. The S&P 500 has met levels and then left them behind, filling gaps, breaking trend-lines, and leaving behind the 200-day not long ago. There remains one major gap between here and record highs.

The gap that kicked off the coronavirus sell-off on Monday February 24. It was the first of many big blows to the market, and filling it would be a milestone before another record milestone. We’ve come this far, why not is becoming the thinking? Nothing is a guarantee and we need to still be vigilant with how we handle risk, but odds look good with a gap-fill only a short distance away.

The gap starts at 3257 and runs up to its fill at 3337, the Feb 21 close. There could be some initial resistance as the gap is approached with markets in an extended state, but any pullback or sideways move could be short-lived as momentum remains generally bullish, and will until there is a meaningful turn lower.

Risk/reward on new longs (chasing momentum) doesn’t look attractive here, but shorts doesn’t hold much appeal either. For now, new positions look risky in both directions. Existing longs from good levels may want to consider using a trailing stop strategy in the event the market turns.

S&P 500 Daily Chart (‘corona-gap’)

S&P 500 daily chart

S&P 500 Chart by TradingView

The Dow Jones is playing a little catch up as the rally disperses away from technology stocks a bit. The Dow has a bit more work cut out for it if it is to fill the gap, but if the S&P fills its respective gap and keeps on going to record highs then odds are the Dow will follow suit. The gap starts at 28402 and runs up to 28992, followed by record highs at 29568. The game-plan is of course the same for the Dow as the S&P, sidelined if looking for a new position at this time.

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