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S&P 500 Technical Support Break Bolsters US Dollar Outlook

S&P 500 Technical Support Break Bolsters US Dollar Outlook

2012-01-30 06:41:00
Ilya Spivak, Head Strategist, APAC

THE TAKEAWAYThe S&P 500 has taken out a key support level, bolstering the case for a forthcoming recovery in the safe-haven US Dollar.

S&P 500 – Prices broke through support at the bottom of a rising channel set from late December after putting in a Bearish Engulfing below the formation’s upper boundary, with sellers now aiming at secondary horizontal support at 1307.10. A break below this level initially exposes 1285.90. The channel bottom, now at 1314.30, marks initial resistance.

SP_500_Technical_Support_Break_Bolsters_US_Dollar_Outlook_body_Picture_5.png, S&P 500 Technical Support Break Bolsters US Dollar Outlook

8hr Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices continue to consolidate above support at 97.70, with the first layer of resistance still at 101.28. A break lower exposes resistance-turned-support at the top of a falling channel set from mid-November, now at 96.11. Alternatively, a push higher initially targets the mid-November high at 103.35.

SP_500_Technical_Support_Break_Bolsters_US_Dollar_Outlook_body_Picture_6.png, S&P 500 Technical Support Break Bolsters US Dollar Outlook

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices are recoiling from resistance at 1746.10, with a correction lower seeing initial support at 1704.03 marked by the top for a rising channel that previously acted as resistance. Alternatively, a break higher exposes the early November swing top at 1802.80.

SP_500_Technical_Support_Break_Bolsters_US_Dollar_Outlook_body_Picture_7.png, S&P 500 Technical Support Break Bolsters US Dollar Outlook

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices broke through support in the 9781-9823 region, with sellers now poised to challenge 9679. Positive RSI divergence on intraday charts (not shown) warns that a bounce may be forthcoming however. The 9781 level has been recast as near-term resistance.

SP_500_Technical_Support_Break_Bolsters_US_Dollar_Outlook_body_Picture_8.png, S&P 500 Technical Support Break Bolsters US Dollar Outlook

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

To contact Ilya, e-mail Follow me on Twitter at @IlyaSpivak

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