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S&P 500, Crude Oil Positioning Hints US Dollar Rebound Ahead

S&P 500, Crude Oil Positioning Hints US Dollar Rebound Ahead

2011-10-12 03:07:00
Ilya Spivak, Sr. Currency Strategist
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THE TAKEAWAYS&P 500 and crude oil technical positioning hints the return of risk aversion may be ahead, alluding to renewed gains in the safe-haven US Dollar.

S&P 500 – A candle in Star position below the 1200 figure hints a pullback may be ahead, although confirmation is needed on a daily close at least below 1179.80 on the current candle. Initial support lines up at the top of a falling channel set from late August, a former resistance, now at 1175.20.

SP_500_Crude_Oil_Positioning_Hints_US_Dollar_Rebound_Ahead_body_Picture_5.png, S&P 500, Crude Oil Positioning Hints US Dollar Rebound Ahead

CRUDE OIL Prices put in a Spinning Top candlestick below resistance at the top of a falling channel set from early May, pointing to ebbing conviction behind bullish momentum and hinting a reversal lower may be ahead. Initial support lines up at $83.65, with a break below that exposing $79.58.

SP_500_Crude_Oil_Positioning_Hints_US_Dollar_Rebound_Ahead_body_Picture_6.png, S&P 500, Crude Oil Positioning Hints US Dollar Rebound Ahead

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_Crude_Oil_Positioning_Hints_US_Dollar_Rebound_Ahead_body_Picture_7.png, S&P 500, Crude Oil Positioning Hints US Dollar Rebound Ahead

US DOLLAR Prices found support near 9852, the 38.2% Fibonacci retracement, with a bounce from here seeing initial resistance at the 23.6% level (9960). Alternatively, renewed selling through immediate support exposes the 50% Fib at 9765.

SP_500_Crude_Oil_Positioning_Hints_US_Dollar_Rebound_Ahead_body_Picture_8.png, S&P 500, Crude Oil Positioning Hints US Dollar Rebound Ahead

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

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