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S&P 500 Rebound Fails to Overturn Yesterday's Bearish Technical Signal

S&P 500 Rebound Fails to Overturn Yesterday's Bearish Technical Signal

2011-10-19 01:21:00
Ilya Spivak, Sr. Currency Strategist

THE TAKEAWAYToday’s rebound in the S&P 500 has failed to overturned yesterday’s bearish candlestick signal, hinting the safe-haven US Dollar will resume its advance after a pullback.

S&P 500 – Prices rebounded from support at 1197.29, the 23.6% Fibonacci extension level, but the rally fell short of overturning the downside-favoring Bearish Engulfing candlestick pattern identified yesterday (which would require a daily close above the formation’s high at 1235.40. Critical resistance remains at 1230.90, the top of the range in place early August.

SP_500_Rebound_Fails_to_Overturn_Yesterdays_Bearish_Technical_Signal_body_Picture_5.png, S&P 500 Rebound Fails to Overturn Yesterday's Bearish Technical Signal

CRUDE OIL Prices negated the bearish Harami candlestick pattern produced yesterday with a break above downward-sloping trend line resistance set from April’s swing high, exposing support-turned-resistance at $90.50. The trend line, now at $86.38, has been recast as near-term support.

SP_500_Rebound_Fails_to_Overturn_Yesterdays_Bearish_Technical_Signal_body_Picture_6.png, S&P 500 Rebound Fails to Overturn Yesterday's Bearish Technical Signal

GOLD Prices produced a Piercing Line bullish candlestick pattern above support at the bottom of a modestly rising channel carved out since late September. Near-term resistance stands at $1660.73, the 50% Fibonacci retracement level, with a break above that exposing the 61.8% level at $1668.77. Alternatively, a break below the 38.2% Fib at $1652.68 exposes the 23.6% boundary at $1642.73.

SP_500_Rebound_Fails_to_Overturn_Yesterdays_Bearish_Technical_Signal_body_Picture_7.png, S&P 500 Rebound Fails to Overturn Yesterday's Bearish Technical Signal

US DOLLAR Prices pulled back from resistance at 9800, the 23.6% Fibonacci retracement, to retest the broken falling trend established from the October 4 swing high as support. The pullback can be seen as corrective absent a daily close below 9709.

SP_500_Rebound_Fails_to_Overturn_Yesterdays_Bearish_Technical_Signal_body_Picture_8.png, S&P 500 Rebound Fails to Overturn Yesterday's Bearish Technical Signal

4hr 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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