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S&P 500 Chart Setup Warns of Down Move, US Dollar Mounts Recovery

S&P 500 Chart Setup Warns of Down Move, US Dollar Mounts Recovery

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: S&P 500 technical positioning warns a move lower is ahead while the US Dollar is mounting a recovery from a familiar support level.

S&P 500 – Prices put in a Hanging Man candlestick below rising trend line support-turned-resistance set from late December, warning of ebbing bullish momentum and hinting a downswing may be ahead. Near-term support lines up in the 1332.10-1337.60 area. Trend line resistance is now at 1354.70.

SP_500_Chart_Setup_Warns_of_Down_Move_US_Dollar_Mounts_Recovery_body_Picture_5.png, S&P 500 Chart Setup Warns of Down Move, US Dollar Mounts Recovery

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices have broken resistance at the top of a falling channel set from early January, with the bulls now poised to threaten 101.28. A daily close above this level targets 103.35. The channel top – now at 100.08 – has now been recast as near-term support.

SP_500_Chart_Setup_Warns_of_Down_Move_US_Dollar_Mounts_Recovery_body_Picture_6.png, S&P 500 Chart Setup Warns of Down Move, US Dollar Mounts Recovery

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices appear to be carving out a Head and Shoulders top below resistance at 1763.00, with the peak marked by a Bearish Engulfing candlestick pattern. A daily close below H&S neckline support at 1714.05 is needed for confirmation, exposing a measured target at 1665.03.

SP_500_Chart_Setup_Warns_of_Down_Move_US_Dollar_Mounts_Recovery_body_Picture_7.png, S&P 500 Chart Setup Warns of Down Move, US Dollar Mounts Recovery

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices continued higher after putting in a bullish Harami candlestick pattern above support at 9679, taking out Andrew’s Pitchfork support-turned-resistance and exposing the next barrier at 9823. Near-term support is now at 9735.

SP_500_Chart_Setup_Warns_of_Down_Move_US_Dollar_Mounts_Recovery_body_Picture_8.png, S&P 500 Chart Setup Warns of Down Move, US Dollar Mounts Recovery

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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