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  • Feels like the market has been front-running next week’s FOMC announcement, which will reveal updated dot plot projections. Expectations clearly set for a more hawkish shift in guidance. That said, if the Fed does not deliver, US Dollar bulls could be disappointed. $USD $DXY https://t.co/o2v6ibac3L
  • USD/CAD has been chopping around the past week-and-a-half, offering virtually no cues on its next direction. Get your market update from @PaulRobinsonFX here:https://t.co/eq1YkOa3mC https://t.co/V6h8BjyeGa
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  • Selling pressure strengthening in Wall Street two hours before the close. S&P 500 down roughly 1% intraday, the largest decline since August 18th #trading $SPX $SPY
  • One of the strongest correlation with Bitcoin at the moment is the US 10-Year Treasury yield https://t.co/uZBzJ7yiXf
Technical Forecast for S&P 500, DAX 30, Gold Price, Crude Oil & More

Technical Forecast for S&P 500, DAX 30, Gold Price, Crude Oil & More

Paul Robinson, Strategist

The S&P 500 is rising into resistance and should soon find sellers, once it does a solid decline should give the shorts the upper hand. The DAX is lagging the U.S. markets while facing off with several angles of resistance. Gold is nearing the apex of a short-term triangle formation, awaiting a breakout for directional cues. Crude oil is likely to undergo a choppy period of trading, with a downward bias.

Technical Highlights:

  • S&P 500 and DAX 30 have resistance to contend with
  • Gold is triangulating, breakout to develop at any time
  • Crude oil looks headed for choppy period, downward bias

New Quarterly Forecasts are out, check them out along with other helpful resources on the DailyFX Trading Guides page.

S&P 500 and DAX 30 have resistance to contend with

The S&P 500 continues to rise but with resistance in the area and the market far from being in the clear, a decline is expected to unfold soon. The key right now is watching price action. The levels are there to turn the market lower but we need to see sellers step in and solidify those levels before turning aggressively bearish.

S&P 500 Daily Chart (Trading into resistance)

S&P 500 daily chart, trading into resistance

For an intermediate-term fundamental and technical outlook check out the Global Equities Forecast

The DAX is struggling to continue recovering and remains glaringly lagging the stronger U.S. market. There is a slope from October, price resistance from December and a trend-line from September keeping a lid on the current advance. The positive right now, though, is that the market has yet to forcefully turn down despite reason to. A break below 10786 is likely needed before downward momentum can come in.

DAX Daily Chart (At crossroads)

DAX daily chart, at crossroads

Gold is triangulating, breakout to develop at any time

Gold is coiling up towards a breakout from a triangle on the 4-hr time-frame. A top-side breakout will have price resistance in focus in the 1305/10-area while a breakdown will have slope support from the summer in focus.

Gold Daily Chart (Slope support, price resistance)

Gold daily chart, slope supports, price resistance

Gold 4-hr Chart (Triangle ready to break)

gold 4-hr chart, triangle ready to break

For an intermediate-term fundamental and technical outlook check out the Gold Forecast

Crude oil looks headed for choppy period, downward bias

Crude oil is chopping around after hitting off near resistance last week. Expectations are for WTI to continue to chop around, and if stocks weaken soon as expected then oil could come under pressure again. Watch support just above 49.

WTI Crude Oil Daily Chart (Choppiness expected)

WTI crude oil daily chart, choppiness expected

For an intermediate-term fundamental and technical outlook check out the Crude Oil Forecast

Resources for Index & Commodity Traders

Whether you are a new or an experienced trader, DailyFX has several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, and trading guides to help you improve trading performance.

We also have a series of guides for those looking to trade specific markets, such as the S&P 500, Dow, DAX, gold, silver, crude oil, and copper.

---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.

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