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US Dollar Probes Yearly Highs as S&P 500 Looks to Extend Selloff

US Dollar Probes Yearly Highs as S&P 500 Looks to Extend Selloff

2011-12-15 04:30:00
Ilya Spivak, Sr. Currency Strategist
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THE TAKEAWAYThe S&P 500 took out a key technical support level, clearing the way for further downside and pushing the safe-haven US Dollar to test year-to-date highs.

S&P 500 – Prices followed the formation of a Bearish Engulfing candlestick pattern with a break through support at 1225.71, the 23.6% Fibonacci extension level. From here, the bears aim to challenge the 38.2% barrier at 1183.70. The 23.6% Fib as been recast as near-term resistance.

US_Dollar_Probes_Yearly_Highs_as_SP_500_Looks_to_Extend_Selloff_body_Picture_5.png, US Dollar Probes Yearly Highs as S&P 500 Looks to Extend Selloff

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices broke through rising trend line support set from late October to test the horizontal barrier at 94.58, with a break below that exposing 90.14. The trend line, now at 98.17, has been recast as near-term resistance.

US_Dollar_Probes_Yearly_Highs_as_SP_500_Looks_to_Extend_Selloff_body_Picture_6.png, US Dollar Probes Yearly Highs as S&P 500 Looks to Extend Selloff

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices broke through the horizontal barrier at 1609.05 to hit major support at 1562.55, the intersection of a former resistance level dating back to early may and a rising trend line that has guided the uptrend since October 2008. A break below this barrier would mark a major bearish trend change. With that said, RSI studies point to oversold conditions and hint that a bounce may be on tap before the larger reversal materializes. The 1609.05 level has been recast as initial resistance.

US_Dollar_Probes_Yearly_Highs_as_SP_500_Looks_to_Extend_Selloff_body_Picture_7.png, US Dollar Probes Yearly Highs as S&P 500 Looks to Extend Selloff

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices broke through the 38.2% Fibonacci extension at 10075, exposing the year-to-date closing high at 10081 and the 50% Fib at 10102. The 38.2% level has been recast as near-term support. Longer term, the measured target of a Head and Shoulders bottom completed in mid-November is 10237.

US_Dollar_Probes_Yearly_Highs_as_SP_500_Looks_to_Extend_Selloff_body_Picture_8.png, US Dollar Probes Yearly Highs as S&P 500 Looks to Extend Selloff

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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