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Technical Outlook for Dow Jones, S&P 500, Oil, Gold & More

Technical Outlook for Dow Jones, S&P 500, Oil, Gold & More

Paul Robinson,
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Today we took a look a few of the major global indices, and with them extended up against levels they are at risk of a pullback. The S&P 500 is very near a major top-side trend-line running over from the January 2018 high. Risk is for it to pull back soon, perhaps the FOMC today will be a catalyst to kick of a round of weakness.

S&P 500 Daily Chart (extended, very near Jan ’18 t-line)

S&P 500 Daily Chart (extended, very near Jan '18 t-line)

Crude oil is grinding its way higher, this is carving out a channel/bear-flag that could soon lead price lower to the 2016 trend-line. The current trend off the monthly low is choppy, but higher, and so it is prudent to wait for the pattern to trigger before turning too bearish. These types of sequences can still firm up and take oil higher, waiting for confirmation can help avoid getting caught on the wrong side.

Crude oil Chart (building a channel/bear-flag)

Crude oil Chart (building a channel/bear-flag)

For the full set of technical details and charts, check out the video above…

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---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.