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S&P 500 Reversal Points to US Dollar Weakness into Year-End

S&P 500 Reversal Points to US Dollar Weakness into Year-End

2011-12-21 01:48:00
Ilya Spivak, Sr. Currency Strategist
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THE TAKEAWAYThe S&P 500 overturned yesterday’s resistance break, validating expectations of a corrective upswing through the year-end and weighing on the US Dollar.

S&P 500 – Prices invalidated the bearish setup identified yesterday, taking out horizontal support-turned-resistance at 1227.60 and exposing a falling trend line barrier at 1257.00. A break above this boundary initially exposes the December 8 high at 1272.60. the 1227.60 level has been recast as near-term support.

SP_500_Reversal_Points_to_US_Dollar_Weakness_into_Year-End_body_Picture_5.png, S&P 500 Reversal Points to US Dollar Weakness into Year-End

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices bounced higher from the bottom of a falling channel set from mid-November after completing a bullish Harami candlestick pattern, clearing resistance at 94.58 to test a former supporting pivot at 97.89. A break above here targets the channel top, now at 100.24. The 94.58 level has been recast as near-term support.

SP_500_Reversal_Points_to_US_Dollar_Weakness_into_Year-End_body_Picture_6.png, S&P 500 Reversal Points to US Dollar Weakness into Year-End

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices took out resistance at 1609.05 to retest the underside of a previously broken falling channel established from early November. A break through this boundary exposes support-turned-resistance at 1677.05. The 1609.05 level has been recast as near-term support.

SP_500_Reversal_Points_to_US_Dollar_Weakness_into_Year-End_body_Picture_7.png, S&P 500 Reversal Points to US Dollar Weakness into Year-End

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices followed a bearish Three Inside Down candlestick pattern below resistance at 10081, the year-to-date closing high, with a move through the 14.6% Fibonacci retracement at 9982. From here, the bears target the 23.6% level at 9925.The 14.6% level has been recast as near-term resistance.

SP_500_Reversal_Points_to_US_Dollar_Weakness_into_Year-End_body_Picture_8.png, S&P 500 Reversal Points to US Dollar Weakness into Year-End

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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