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
  • Heads Up:🇺🇸 Fed Chair Powell Testimony due at 14:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-09-28
  • Heads Up:🇺🇸 CB Consumer Confidence (SEP) due at 14:00 GMT (15min) Expected: 114.5 Previous: 113.8 https://www.dailyfx.com/economic-calendar#2021-09-28
  • House Rep Speaker Pelosi says the House could vote on debt limit today - politico
  • The price of Brent crude oil continues to soar, touching highs last seen three years ago as demand outstrips supply. Get your #crudeoil market update from @nickcawley1 here:https://t.co/vrVxkoVBxQ https://t.co/Qf74MIyEmp
  • Heads Up:💶 ECB Panetta Speech due at 13:45 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-09-28
  • $USD fresh 2021 high didn't get much traction on the first test above resistance, but it's been quite the move since last week. Friday should be a big day for the USD - PCE, ISM and Sentiment numbers https://t.co/TfIp6Z8mBr https://t.co/qtFaKzxHIJ
  • Gold and silver not having a good day so far, rising US Treasury yields is a headwind for precious metals and non-interest bearing assets in general #trading $XAUUSD $XAGUSD
  • US 10-YEAR YIELD RISES TO 1.53%, LAST WEEK IT WAS SITTING BELOW 1.30%. THE RAPID INCREASE IN TREASURY RATES IS BAD FOR TECH STOCKS, NASDAQ AT RISK, $ARKK COULD ALSO SUFFER HEAVY LOSSES #TRADIDG $NDX
  • there it is $USDJPY up for a test of the 2021 high fibo level at 111.61, next major level at 112.50 this zone has held the highs in 2019, 2020 and so far in 2021 https://t.co/PwShmUDOn0 https://t.co/in6dnrIq0Q
  • ...let's see how far the brinkmanship goes and whether the rating agencies feel a rating downgrade is necessary for the constant pressure on its finances
S&P 500, Dow Jones & Nasdaq 100 Forecast: Charts Remain Pointed Higher

S&P 500, Dow Jones & Nasdaq 100 Forecast: Charts Remain Pointed Higher

Paul Robinson, Strategist

U.S. Indices Technical Highlights:

  • S&P 500 continues to hold steady with trend
  • Dow Jones looking to break free from base
  • Nasdaq 100 remains status quo, higher

S&P 500, Dow Jones & Nasdaq 100 Forecast: Charts Remain Pointed Higher

Stocks continue to be firm and after the most recent dip the S&P 500 tested and held a sturdy trend-line from October. The trend-line is a bit of a line-in-the-sand given its duration and multiple inflection points. The recent bout of weakness really put it to the test, but further solidified the importance of trend support.

Currently, price is resting on the earlier-month highs. A small base may form before the SPX continues to push higher. In the event we see weakness from here, the October trend-line will once again come into focus. As far as the top-side goes, nothing noteworthy.

Tactically, it is a bit of a tough spot as fresh longs don’t hold the appeal of having strong support nearby to lean on, but existing longs from lower have some wiggle room. As far as shorts are concerned there is no appeal on this end to do anything. There will be a time later on to dig into bearish positions, but trying to pick a top at this time could prove quite frustrating.

S&P 500 Daily Chart

spx daily chart

S&P 500 Chart by TradingView

The Dow Jones has been virtually flat for the past 2.5 months, but that could change if the period turns out to be a basing pattern. A breakout may get underway that is sustainable while old-school (value types) stocks take the baton from new-school (growth). Should price dip from here keep an eye on the October trend-line.

Advertisement

Dow Jones Daily Chart

dji daily chart

Dow Jones Chart by TradingView

The Nasdaq 100 remains the leader with growth stocks still rallying strongly. There is a trend-line from May that could provide support on a dip. Overall, the trend is higher and should be respected as such from a tactical standpoint until further notice.

Nasdaq 100 Daily Chart

NDX daily chart

Nasdaq 100 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