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S&P 500 Selling Gains Momentum, US Dollar Breaks Major Resistance

S&P 500 Selling Gains Momentum, US Dollar Breaks Major Resistance

2012-02-16 04:25:00
Ilya Spivak, Head Strategist, APAC

THE TAKEAWAY: The S&P 500 is accelerating lower after a failure to overcome the July 2011 high. The US Dollar has cleared major resistance, hinting at gains ahead.

S&P 500 – Prices are testing through support at the bottom of a rising channel set from late December, with a confirmed break on a daily close below this boundary exposing the 23.6% Fibonacci retracement at 1325.90. Near-term resistance remains at 1358.60 for now.

SP_500_Selling_Gains_Momentum_US_Dollar_Breaks_Major_Resistance_body_Picture_5.png, S&P 500 Selling Gains Momentum, US Dollar Breaks Major Resistance

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices invalidated a Spinning Top candlestick identified yesterday with a break through resistance at 101.28. The bulls now aim to challenge the mid-November swing top at 103.35. The 101.28 level has been recast as near-term support.

SP_500_Selling_Gains_Momentum_US_Dollar_Breaks_Major_Resistance_body_Picture_6.png, S&P 500 Selling Gains Momentum, US Dollar Breaks Major 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_Selling_Gains_Momentum_US_Dollar_Breaks_Major_Resistance_body_Picture_7.png, S&P 500 Selling Gains Momentum, US Dollar Breaks Major Resistance

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices narrowly cleared resistance at 9823, a level marked by the confluence of a horizontal pivot level, an Andrew’s Pitchfork midline, and the 23.6% Fibonacci expansion. The bulls now aim to challenge the 38.2% expansion at 9918. The 23.6% level has been recast as near-term support.

SP_500_Selling_Gains_Momentum_US_Dollar_Breaks_Major_Resistance_body_Picture_8.png, S&P 500 Selling Gains Momentum, US Dollar Breaks Major 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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