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Forex Today: S&P 500 Index Makes New Record High Price

By Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

The benchmark US S&P 500 Index rose firmly to trade at a new all-time high yesterday, with futures price action still looking bullish this morning.

  1. US stock markets are rising bullishly again, with the NASDAQ 100 Index close to a record high and the S&P 500 Index making a new record high above 4900. These indices will have the interest of trend traders, who will want to be long of them, especially the S&P 500.
  2. Crude Oil is trading near a 2-month high price as tensions rise in the Red Sea and the Indian Ocean following the fatal attack on US forces in Syria/Jordan, which is expected to draw US retaliation soon. This could see the price of crude oil spike when it happens, although the US will likely be careful not to escalate tensions much.
  3. In the Forex market, the Japanese Yen has been the strongest major currency since the Tokyo open today. The Euro has been the weakest. The greatest volatility recently has been seen in the USD/JPY currency pair. The Japanese Yen has been attracting some safe haven flow.
  4. Bitcoin has continued its recovery after support below the big round number at $40,000 some days ago, but it is struggling to break above resistance near $43,300.
  5. Cocoa futures reached a new multi-year high price last week, which will keep trend traders interested in this commodity on the long side. It has been exhibiting a powerful bullish trend for well over one year.
  6. There will be releases of 2 high-impact market data points today in the USA: JOLTS Job Openings and CB Consumer Confidence.

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Adam Lemon
About Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

 

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