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S&P 500 & DAX Technical Forecast

S&P 500, DAX Evaluation and Information

S&P 500 | File Excessive in SightDAX | One other Take a look at of Key TrendlineASX 200 | RBA Governor Lowe Sign in FocusGlobal Indices Performance Table

Supply: Thomson Reuters, DailyFX

S&P 500 | File Excessive in Sight

The hawkish take from the Federal Reserve relative market expectations noticed a short-lived dip within the S&P 500, signaling that bulls stay in management. The psychological 3000 stage stays pivotal for the index, wherein consolidation above might see the index check the height at 3028. That mentioned, as evidenced this week, the S&P 500 stays well-supported on dips from 2870, which coincides with the 76.four% Fibonacci retracement of the July-August drop. For now, the file excessive stays in sight.

S&P Value Chart: Each day Time Body (Jun 2019 – Sep 2019)

S&P 500 Daily Price Chart

DAX | One other Take a look at of Key Trendline

Additional beneficial properties within the DAX have as soon as once more stalled with the index testing the descending trendline from the 2019 peak. Consequently, eyes are firmly mounted for a breach of the trendline, which in flip might open-up the doorways for a transfer in the direction of 12700. Dips within the index have been well-support from the 61.eight% Fibonacci stage located at 12300 and with danger sentiment enhancing, the bullish momentum nicely proceed.

DAX Value Chart: Each day Timeframe (Oct 17 – Sep 19)

DAX Daily Price Chart

ASX 200 | RBA Governor Lowe Sign in Focus

Bullish momentum continues for the ASX 200, which data a fourth consecutive weekly acquire. Subsequently, the index is now testing the 6760-70 resistance zone, which has curbed futures upside for now. Eyes shall be on RBA Governor Lowe, which can be key in breaking topside resistance for a check of 6800. On the draw back, preliminary help is located at 6710 (prior weeks double prime) earlier than the 61.eight% Fibonacci retracement at 6685. That mentioned, with the October price choice now seen as a reside assembly for one more 25bps price minimize, a affirmation from Governor Lowe might see dangers stay tilted to the upside.

ASX Value Chart: Each day Time Body (Jun 19 – Sep 19)

ASX Daily Price Chart

RESOURCES FOR FOREX & CFD TRADERS

Whether or not you’re a new or skilled dealer, we now have a number of sources obtainable that can assist you; indicator for monitoring dealer sentiment, quarterly buying and selling forecasts, analytical and academic webinars held each day, buying and selling guides that can assist you enhance buying and selling efficiency, and one particularly for individuals who are new to foreign exchange.

— Written by Justin McQueen, Market Analyst

To contact Justin, e mail him at Justin.mcqueen@ig.com

Observe Justin on Twitter @JMcQueenFX


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