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
Mixed
Oil - US Crude
Bearish
Wall Street
Mixed
Gold
Bearish
GBP/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
USD/JPY
Bullish
More View more
Real Time News
  • The US Dollar is testing key support levels against the Singapore Dollar, Malaysian Ringgit, Philippine Peso and Indonesian Rupiah following persistent losses. Get your #ASEAN currencies market update from @ddubrovskyFX here: https://t.co/qqYDELqydd https://t.co/WPUL1SO8Fv
  • - #USDollar may catch a haven bid as the US and China lock horns over technology - #TrumpExecutiveOrders may encounter congressional friction, spark dash to cash - #bidenvppick announcement could fail to stir markets unless the choice is unexpected https://www.dailyfx.com/forex/fundamental/article/special_report/2020/08/10/US-Dollar-Comeback-Ahead-US-China-Tensions-Push-Havens-Higher.html
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.01%, while traders in US 500 are at opposite extremes with 77.49%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/AB97lqEJQB
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.18% 🇳🇿NZD: 0.13% 🇯🇵JPY: 0.12% 🇪🇺EUR: 0.08% 🇨🇦CAD: 0.05% 🇨🇭CHF: -0.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/ThG7IBzIKu
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.67% France 40: 0.66% Germany 30: 0.60% Wall Street: 0.23% US 500: 0.14% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/2l1TvwiW5l
  • The Indian Rupee struggled to benefit from an unexpected RBI rate hold as the Nifty 50 inched closer to invalidating a bearish reversal signal. What is the road ahead for USD/INR? Find out from @ddubrovskyFX here:https://t.co/Zjiay6hQWT https://t.co/IdM8hb6pI1
  • Join @ZabelinDimitri 's #webinar at 11:30 PM ET/3:30 AM GMT to find out how geopolitical risk will affect the markets in the week ahead. Register here: https://t.co/hsULxMNOtM https://t.co/TJbPf8arC3
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.26% Gold: -0.27% Silver: -1.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/4Ap99p4ATh
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.18% 🇬🇧GBP: 0.16% 🇯🇵JPY: 0.14% 🇪🇺EUR: 0.09% 🇨🇦CAD: 0.08% 🇨🇭CHF: -0.04% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/5NRt7MMbs6
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.84%, while traders in US 500 are at opposite extremes with 78.33%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/NedpyrXTeR
S&P 500 Technical Analysis: Stocks Tank Post-FOMC - Reversal Levels

S&P 500 Technical Analysis: Stocks Tank Post-FOMC - Reversal Levels

2020-06-11 17:02:00
Michael Boutros, Strategist
Share:

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

The S&P 500 Index plummeted more than 5% from the monthly high with price turning sharply lower from yearly open resistance. So is this just a near-term washout or is a larger correction underway? 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:
Aug 10
( 12:08 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 - US500 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 highlighted that the SPX advance was approaching near-term resistance into the close of the month around 3069 while noting that a, “breach higher from here exposes subsequent topside resistance objectives at 3137 and the yearly open at 3219.” Price briefly registered a high just above this threshold at 3233 early in the week before turning with the index taking another leg lower today in New York.

Monthly open support rests at 3057 backed by key support at the April high / 23.6% retracement of March rally at 2972/84- look for a larger reaction there IF reached. A topside breach / close above 3219 would be needed to mark resumption toward 3259 and the yearly high-day close at 3367.

S&P 500 Price Chart – SPX500 120min

S&P 500 Price Chart - SPX500 120min - US500 Trade Outlook - SPX Technical Forecast

Notes: A closer look at S&P 500 price action shows the index continuing to trade within the confines of an ascending pitchfork formation we’ve been tracking for weeks now. Price failed at the 75% parallel with a break below confluence uptrend support / the median-line accelerating the decline today. Look for a close below 3057 to keep the immediate short-bias viable with subsequent support objectives eyed at 3026 and the lower parallel (currently ~3005). Initial resistance now 3131 with near-term bearish invalidation lowered to 3179/81.

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

Bottom line: The S&P 500 reversed off yearly open resistance this week and the threat remains for a deeper correction near-term while below 3181. From a trading standpoint, a good zone to reduce short-exposure / lower protective stops – look to the close for guidance. Ultimately, a move lower may offer more favorable entries closer to broader uptrend support. Weakness beyond 2972 would suggest a larger correction is underway in the S&P 500.

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 - US500 Trade Outlook - SPX Technical Forecast
  • A summary of IG Client Sentiment shows traders are net-short the index - the ratio stands at -2.20 (31.29% of traders are long) – bullishreading
  • Long positions are8.76% higher than yesterday and 15.43% higher from last week
  • Short positions are 5.39% lower than yesterday and 18.75% 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. The recent changes in sentiment warn that the current S&P 500 price trend may soon reverse lower despite the fact traders remain net-short
US 500 BEARISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 1% -1% 0%
Weekly 7% 4% 4%
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.

DISCLOSURES

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.