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S&P 500 at Trend-Defining Resistance, US Dollar Chart Hints at Upswing

S&P 500 at Trend-Defining Resistance, US Dollar Chart Hints at Upswing

2011-10-25 03:41:00
Ilya Spivak, Sr. Currency Strategist
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THE TAKEAWAYThe S&P 500 is testing a trend-defining resistance level, with a pullback hinted as US Dollar positioning suggests an upswing is ahead for the safe-haven currency.

S&P 500 – Prices took out resistance at 1230.90, the top of the range that confined them since mid-August. The bulls are now testing support-turned-resistance at the former neckline of a major Head and Shoulders top chart formation carved out between January and August at 1257.30. The 1230.90 level has been recast as near-term support. A break higher exposes the 76.4% Fibonacci retracement at 1306.24.

SP_500_at_Trend-Defining_Resistance_US_Dollar_Chart_Hints_at_Upswing_body_Picture_5.png, S&P 500 at Trend-Defining Resistance, US Dollar Chart Hints at Upswing

CRUDE OIL Prices invalidated the Bearish Engulfing candlestick pattern identified last week with a break above resistance at 90.62, the 38.2% Fibonacci retracement level. The bulls now aim to challenge the 50% level at $95.24. The 38.2% Fib has been recast as near-term support.

SP_500_at_Trend-Defining_Resistance_US_Dollar_Chart_Hints_at_Upswing_body_Picture_6.png, S&P 500 at Trend-Defining Resistance, US Dollar Chart Hints at Upswing

GOLD Unchanged from yesterday: “Prices continue to consolidate in the $1600-1700 range that has persisted since late September. A bullish Piercing Line candlestick pattern at support hints an upswing is ahead, exposing initial resistance at $1660.55 followed by another challenge of the $1700 figure.”

SP_500_at_Trend-Defining_Resistance_US_Dollar_Chart_Hints_at_Upswing_body_Picture_7.png, S&P 500 at Trend-Defining Resistance, US Dollar Chart Hints at Upswing

US DOLLAR Prices put in a Hammer candlestick above support at 9593, the 50% Fibonacci extension, hinting a near-term bounce is ahead. Initial resistance lines up at 9645, the 38.2% Fib level. Alternatively, renewed selling targets the 61.8% boundary at 9542.

SP_500_at_Trend-Defining_Resistance_US_Dollar_Chart_Hints_at_Upswing_body_Picture_8.png, S&P 500 at Trend-Defining Resistance, US Dollar Chart Hints at Upswing

4hour 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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