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S&P 500 Moves to Challenge 1200 as US Dollar Sinks Past Support

S&P 500 Moves to Challenge 1200 as US Dollar Sinks Past Support

2011-10-11 01:53:00
Ilya Spivak, Sr. Currency Strategist
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THE TAKEAWAYThe S&P 500 soared higher to challenge the 1200 figure while the safe-haven US Dollar dropped through support, hinting continued weakness is ahead.

S&P 500 – Prices took out resistance at the top of a falling channel set from late August, with the bulls now challenging the 1200.00 figure. A break above this barrier exposes familiar support-turned-resistance in the 1227.40-1257.30 region. The channel bottom, now at 1176.78, marks near-term support.

SP_500_Moves_to_Challenge_1200_as_US_Dollar_Sinks_Past_Support_body_Picture_5.png, S&P 500 Moves to Challenge 1200 as US Dollar Sinks Past Support

CRUDE OIL Prices took out support-turned-resistance at $83.65 to challenge the upper boundary of a multi-month falling channel, now at $85.69. A break above this level would materially shift the bias from bearish to neutral, with a subsequent break above $90.50 needed to establish an overtly bullish tone. The $83.65 level has been recast as near-term support.

SP_500_Moves_to_Challenge_1200_as_US_Dollar_Sinks_Past_Support_body_Picture_6.png, S&P 500 Moves to Challenge 1200 as US Dollar Sinks Past Support

GOLD Unchanged from yesterday: “Prices remain locked in a choppy range between the 14.6% and 38.2% Fibonacci retracements at 1589.14 and 1680.78 respectively. A break below immediate support exposes the September 26 low at 1532.45. Alternatively, a push higher through the range top exposes the 50% Fib at 1726.60.”

SP_500_Moves_to_Challenge_1200_as_US_Dollar_Sinks_Past_Support_body_Picture_7.png, S&P 500 Moves to Challenge 1200 as US Dollar Sinks Past Support

US DOLLAR Prices narrowly closed below support at 9852, the 38.2% Fibonacci retracement, exposing the next downside target at the 50% level (9765). Near-term resistance stands at 9974, the September 22 daily close.

SP_500_Moves_to_Challenge_1200_as_US_Dollar_Sinks_Past_Support_body_Picture_8.png, S&P 500 Moves to Challenge 1200 as US Dollar Sinks Past Support

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow me on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com

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