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S&P 500 Continues to Stall as US Dollar Meets Critical Resistance

S&P 500 Continues to Stall as US Dollar Meets Critical Resistance

Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY:The S&P 500 continues to stall below the July 2011 high while the US Dollar is testing major technical resistance, warning a pullback may be ahead.

S&P 500 – Prices continue to stall below resistance at 1358.60, the early July 2011 swing top. Support lines up at 1338.30 at the bottom of a rising channel set from late December. A break below this boundary initially exposes the 23.6% Fibonacci retracement at 1325.90.

SP_500_Continues_to_Stall_as_US_Dollar_Meets_Critical_Resistance_body_Picture_5.png, S&P 500 Continues to Stall as US Dollar Meets Critical Resistance

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices put in a Spinning Top candlestick below resistance at 101.28, pointing to indecision and hinting a pullback may be ahead. Initial support lines up at 99.96, marked by the previously broken top of a falling channel set from early January now recast as support.

SP_500_Continues_to_Stall_as_US_Dollar_Meets_Critical_Resistance_body_Picture_6.png, S&P 500 Continues to Stall as US Dollar Meets Critical Resistance

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Unchanged from yesterday: “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_Continues_to_Stall_as_US_Dollar_Meets_Critical_Resistance_body_Picture_7.png, S&P 500 Continues to Stall as US Dollar Meets Critical Resistance

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices are testing formidable resistance at 9823, marked by the confluence of a horizontal pivot level, an Andrew’s Pitchfork midline, and the 23.6% Fibonacci expansion. A pullback from here sees support at 9767, the 14.6% Fib. Alternatively, a break higher exposes the 38.2% expansion at 9918.

SP_500_Continues_to_Stall_as_US_Dollar_Meets_Critical_Resistance_body_Picture_8.png, S&P 500 Continues to Stall as US Dollar Meets Critical Resistance

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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