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S&P 500 Creeps Past Support, Hinting US Dollar Rebound to Continue

S&P 500 Creeps Past Support, Hinting US Dollar Rebound to Continue

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAYThe S&P 500 has inched below a technical support level, hinting at further weakness that promises to offer support to the safe-haven US Dollar.

S&P 500 – Prices edged through support at the bottom of a rising channel set from late December, exposing 23.6% Fibonacci support at 1302.90. A break below this barrier targets the 38.2% level at 1283.50. The channel bottom, now at 1317.00, has been recast as near-term resistance.

SP_500_Creeps_Past_Support_Hinting_US_Dollar_Rebound_to_Continue_body_Picture_5.png, S&P 500 Creeps Past Support, Hinting US Dollar Rebound to Continue

Daily 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 95.79. Alternatively, a push higher initially targets the mid-November high at 103.35.

SP_500_Creeps_Past_Support_Hinting_US_Dollar_Rebound_to_Continue_body_Picture_6.png, S&P 500 Creeps Past Support, Hinting US Dollar Rebound to Continue

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices put in a bearish Harami candlestick pattern below resistance at 1746.10, hinting a move lower is ahead. Early signs of negative RSI divergence reinforce the case for a downside scenario. Initial support stands at 1711.33, a former resistance level at the top of a rising channel set from early January. Alternatively, a break higher exposes 1802.80, the November 8 swing high.

SP_500_Creeps_Past_Support_Hinting_US_Dollar_Rebound_to_Continue_body_Picture_7.png, S&P 500 Creeps Past Support, Hinting US Dollar Rebound to Continue

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Unchanged from yesterday: “Prices put in an Inverted Hammer candlestick above support at 9759, the 50% Fibonacci retracement level, hinting an upswing is ahead. Initial resistance stands at 9833, the 38.2% Fib. Alternatively, renewed selling targets the 61.8% level at 9684.”

SP_500_Creeps_Past_Support_Hinting_US_Dollar_Rebound_to_Continue_body_Picture_8.png, S&P 500 Creeps Past Support, Hinting US Dollar Rebound to Continue

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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