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US Dollar, S&P 500 Treading Water Ahead of EU Leaders' Summit

US Dollar, S&P 500 Treading Water Ahead of EU Leaders' Summit

2011-12-08 02:39:00
Ilya Spivak, Sr. Currency Strategist
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THE TAKEAWAYThe US Dollar and the S&P 500, benchmarks for safe-haven and risky assets respectively, are at a standstill as sentiment trends wait for the EU leaders’ summit.

S&P 500 – Prices continue to stall below rising trend support-turned-resistance in place since mid-October, with candlestick positioning over the past 5 days pointing to indecision and warning that a reversal lower may be ahead. Initial support lines up at 1239.10, the 23.6% Fibonacci retracement level. Alternatively, a break higher exposes the 1300 figure.

US_Dollar_SP_500_Treading_Water_Ahead_of_EU_Leaders_Summit_body_Picture_5.png, US Dollar, S&P 500 Treading Water Ahead of EU Leaders' Summit

CRUDE OIL Unchanged from yesterday: “Prices put in a Dark Cloud Cover candlestick pattern below resistance at 103.35 following a retest of a rising channel bottom established from early October, hinting a move lower is ahead. Initial support lines up at the 100/barrel figure – a key psychological barrier – with a break below that exposing 94.56.”

US_Dollar_SP_500_Treading_Water_Ahead_of_EU_Leaders_Summit_body_Picture_6.png, US Dollar, S&P 500 Treading Water Ahead of EU Leaders' Summit

GOLD Unchanged from yesterday: “Prices continue to stall below resistance at 1746.08, the 14.6% Fibonacci extension. Near-term support remains at 1711.13, the 23.6% level, a boundary reinforced by a rising trend line underpinning price action since late September (now at 1689.65). A break below the latter hurdle exposes the 38.2% Fib at 1654.44.”

US_Dollar_SP_500_Treading_Water_Ahead_of_EU_Leaders_Summit_body_Picture_7.png, US Dollar, S&P 500 Treading Water Ahead of EU Leaders' Summit

US DOLLAR Prices remain wedged between support in the 9823-9833 region – marked by the former neckline of a Head and Shoulders bottom completed in mid-November and the 38.2% Fibonacci retracement level respectively – and resistance at 9925, the 23.6% Fib. A break higher exposes the 10000 figure. Alternatively, a reversal downward through immediate support leaves the door open to a test of 9759.

US_Dollar_SP_500_Treading_Water_Ahead_of_EU_Leaders_Summit_body_Picture_8.png, US Dollar, S&P 500 Treading Water Ahead of EU Leaders' Summit

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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